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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Reconciles the Income Tax Expense at Statutory Rates to the Actual Income Tax Expense

The following table reconciles the income tax (expense) benefit of the TRS entities at applicable statutory rates to the actual income tax (expense) benefit recorded (in thousands):

			Year Ended December 31,
			2024						2023						2022
Income tax (expense) benefit of the TRS entities at federal statutory income tax rate of 21%			$	11,448					$	(761)					$	(9,291)
State income tax (expense) benefit, net of U.S. federal income tax benefit			1,613						(311)						(1,219)
Permanent differences			(554)						(168)						(2,342)
Provision to return adjustment			4						15						1,971
Gross receipts and margin taxes			(1,081)						(958)						(506)
Interest and penalties			106						184						(199)
Valuation allowance			(12,533)						1,099						5,250
Total income tax (expense) benefit			$	(997)					$	(900)					$	(6,336)

Components of Income Tax Benefit (Expense) From Continuing Operations

The components of income tax (expense) benefit are as follows (in thousands):

			Year Ended December 31,
			2024						2023						2022
Current:
Federal			$	8					$	(195)					$	(4,616)
State			(994)						(733)						(1,773)
Total current income tax (expense) benefit			(986)						(928)						(6,389)
Deferred:
Federal			(11)						28						53
Total deferred income tax (expense) benefit			(11)						28						53
Total income tax (expense) benefit			$	(997)					$	(900)					$	(6,336)

Deferred Tax Asset (Liability) and Related Valuation Allowance

At December 31, 2024 and 2023, our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands):

			December 31,
			2024						2023
Deferred tax assets:
Allowance for doubtful accounts			$	87					$	274
Unearned income			768						812
Federal and state net operating losses			34,186						23,071
Capital loss carryforward			2,290						5,659
Accrued expenses			1,740						1,615
Tax derivatives basis greater than book basis			39						307
Operating lease liability			2,265						2,295
Other			443						271
Deferred tax assets			41,818						34,304
Valuation allowance			(37,553)						(29,319)
Net deferred tax asset			4,265						4,985
Deferred tax liabilities:
Prepaid expenses			(4)						(31)
Investment in partnership			—						(487)
Operating lease right-of-use assets			(2,265)						(2,295)
Tax property basis less than book basis			(2,411)						(2,576)
Deferred tax liabilities			(4,680)						(5,389)
Net deferred tax asset (liability)			$	(415)					$	(404)

Summarize the Changes in the Valuation Allowance

The following table summarizes the changes in the valuation allowance (in thousands):

			Year Ended December 31,
			2024						2023						2022
Balance at beginning of year			$	29,319					$	31,205					$	38,810
Additions			8,234						—						—
Deductions			—						(1,886)						(7,605)
Balance at end of year			$	37,553					$	29,319					$	31,205

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

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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
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
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