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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of Effective Tax Rate

A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:

						For the Year Ended December 31,
						2025
U.S. Federal tax benefit at statutory rate						$	(14,325	)			21.0	%
State and local income taxes, net of federal income tax effect (1)							(11,081	)			16.3	%
Changes in valuation allowance							22,774				-33.4	%
Nontaxable and nondeductible items
	Deduction limitation on executive compensation						1,420				-2.1	%
	Other						14				0.0	%
Other adjustments
	Utilization of capital loss carryover						1,353				-2.0	%
	Other						(155	)			0.2	%
Income tax expense						$	-				0	%

(1) In 2025, state and local income taxes in Florida made up the majority (greater than 50%) of tax effect in this category.

A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes for the year prior to the adoption of ASU 2023-09 is as follows:

						For the Year Ended December 31,
						2024
Pre-tax book income (loss)						$	(153,536	)
	Tax on pre-tax book income (loss)						(32,243	)
	State taxes on current year income, permanent items						(5,466	)
	Valuation allowance						29,054
	Deferred rate change						7,504
	Other						1,151
Income tax expense							-
Effective tax rate							0	%

Summary of Total Deferred Tax Assets and Liabilities

The total deferred tax assets and liabilities are comprised of the following (in thousands):

						Year Ended December 31,
						2025				2024
Deferred income tax assets (liabilities):
	Loss carryforwards and credits					$	244,147			$	133,499
	Difference between book and tax basis of property, plant, and equipment						1,344				88,732
	Straight-line rent						(14	)			(662	)
	Prepaid insurance						(747	)			(405	)
	Allowance for bad debts						417				722
	Joint ventures						3,973				1,228
	Accrued bonus						753				1,152
	Stock compensation						3,447				3,424
	Prepaid rent						—				11
	Unearned revenue						210				368
	Severance						1,075				—
	State depreciation differences						(197	)			(208	)
	Valuation allowance						(254,408	)			(227,861	)
Net deferred income tax asset						$	—			$	—

Summary of Valuation Allowance Activity

A summary of the Company’s valuation allowance activity is as follows (in thousands):

						For the Year Ended December 31,
						2025				2024
Balance, beginning of year						$	227,861			$	198,807
	Charged to income tax expense						26,547				29,054
Balance, end of year						$	254,408			$	227,861

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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

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-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.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
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-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

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