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Income Taxes
 6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
As a REIT, the Company must meet certain organizational and operational requirements including the requirement to distribute at least 90% of its annual REIT taxable income to its stockholders. And as a REIT, the Company generally will not be subject to U.S. federal income tax to the extent the Company distributes its REIT taxable income to its stockholders and provided the Company satisfies the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification.

The Company’s consolidated financial statements include the operations of two TRS entities, GA-TRS and GAJX Real Estate Corp., which are subject to U.S. federal, state and local income taxes on their taxable income.

For the three and six months ended June 30, 2021 the Company had consolidated taxable income of $7.7 million and $16.4 million, respectively; and provisions for income taxes of $67 thousand and $0.1 million, respectively. For the three and six months ended June 30, 2020, the Company had consolidated tax losses $2.0 million and $0.8 million, respectively; and
provisions for income taxes were $0.1 million and an income tax benefit of $0.2 million, respectively. The Company recognized no deferred income tax assets or liabilities on its consolidated balance sheets at June 30, 2021 or 2020. The Company also recorded no interest or penalties for the three and six months ended June 30, 2021 or 2020.