Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Provision for Income Taxes from Continuing Operations

The income tax (provision) benefit for continuing operations consists of the following (amounts in thousands):

	2024		2023		2022
CURRENT:
Federal	$	(359)	$	797	$	(21,936)
State		(3,281)		(2,920)		(8,595)
Total current provision		(3,640)		(2,123)		(30,531)
DEFERRED:
Federal		(9,233)		79,710		(9,115)
State		(963)		16,115		871
Total deferred (provision) benefit		(10,196)		95,825		(8,244)
Total (provision) benefit for income taxes	$	(13,836)	$	93,702	$	(38,775)

Summary of Taxability of Cash Distributions Paid on Common Shares

The estimated taxability of cash distributions to common stockholders is shown in the table below (per common share) (unaudited):

	2024		2023		2022
Ordinary income	$	4.28	$	3.75	$	0.28
Capital gains		0.07		0.10		0.07
Return of capital		—		—		—
	$	4.35	$	3.85	$	0.35

Differences Between the Income Tax Provision Calculated at the Statutory U.S. Federal Income Tax Rate of 21% and the Actual Income Tax (Provision) Benefit Recorded for Continuing Operations

The differences between the income tax provision calculated at the statutory U.S. federal income tax rate of 21% and the actual income tax (provision) benefit recorded for continuing operations are as follows (amounts in thousands):

	2024		2023		2022
Statutory federal income tax provision	$	(61,746)	$	(52,101)	$	(36,482)
Adjustment for nontaxable income of the REIT		49,043		44,968		3,565
State tax provision (net of federal taxes)		(4,215)		(11,934)		(13,597)
Permanent share-based compensation adjustment		2,723		34		440
Other permanent items		(594)		(531)		(365)
Change in federal valuation allowance		—		87,330		1,914
Change in state valuation allowance (net of federal taxes)		(29)		25,128		5,873
Other		982		808		(123)
	$	(13,836)	$	93,702	$	(38,775)

Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31 are as follows (amounts in thousands):

	2024		2023
DEFERRED TAX ASSETS:
Accounting reserves and accruals	$	21,023	$	22,340
Pension plans		3,091		4,249
Deferred management rights proceeds		39,763		40,280
Federal and State net operating loss carryforwards		125,692		102,032
Tax credits and other carryforwards		17,181		8,881
Other assets		3,993		6,205
Total deferred tax assets		210,743		183,987
Valuation allowance		(5,595)		(5,557)
Total deferred tax assets, net of valuation allowance		205,148		178,430
DEFERRED TAX LIABILITIES:
Property and equipment, net		125,025		90,792
Other liabilities		9,612		6,014
Total deferred tax liabilities		134,637		96,806
Net deferred tax assets	$	70,511	$	81,624