Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summarized Statement of Components of Income Tax Provision

The income tax provision for the years ended December 31, 2021, 2020 and 2019, is comprised of the following components:

	For the Year Ended December 31, 2021
	Federal		State		Total
Current expense	$	21,017	$	3,520	$	24,537
Tax credits/true-up	(4,979)		(138)		(5,117)
Change in deferred expense/(benefit)	818		86		904
Total tax expense	$	16,856	$	3,468	$	20,324

 

	For the Year Ended December 31, 2020
	Federal		State		Total
Current expense	$	15,553	$	3,347	$	18,900
Tax credits/true-up	(5,610)		(135)		(5,745)
Change in deferred expense	594		61		655
Total tax expense	$	10,537	$	3,273	$	13,810

 

	For the Year Ended December 31, 2019
	Federal		State		Total
Current expense	$	10,164	$	2,936	$	13,100
Tax credits/true-up	(3,633)		(30)		(3,663)
Change in deferred benefit	1,787		84		1,871
Total tax expense	$	8,318	$	2,990	$	11,308

Schedule of Reconciliation of Statutory Income Tax Provisions to the Effective Income Tax Provisions

A reconciliation of the statutory income tax provisions to the effective income tax provisions for the periods indicated is as follows:

	For the Year Ended December 31,
	2021				2020				2019
Expected tax at statutory rate	$	188,600	21.0	%	$	111,760	21.0	%	$	97,110	21.0	%
Non-taxable REIT income	(166,137)		(18.5)	%	(94,270)		(17.7)	%	(82,717)		(17.9)	%
State and local tax expense - net of federal benefit	3,259		0.4	%	3,075		0.6	%	2,837		0.6	%
Change in valuation allowance	(1,061)		(0.1)	%	(363)		(0.1)	%	(207)		—	%
Tax credits/true-up	(5,117)		(0.6)	%	(5,745)		(1.1)	%	(3,663)		(0.8)	%
Miscellaneous	780		0.1	%	(647)		(0.1)	%	(2,052)		(0.4)	%
Total provision	$	20,324	2.3	%	$	13,810	2.6	%	$	11,308	2.5	%

Schedule of Major Sources of Temporary Differences Stated at their Deferred Tax Effects

The major sources of temporary differences stated at their deferred tax effects are as follows:

	December 31, 2021		December 31, 2020
Deferred tax liabilities:
Fixed assets	$	(30,499)	$	(27,374)
Operating and Finance lease right-of-use assets	(6,016)		(2,223)
Other	(61)		(72)
State deferred taxes	(3,842)		(3,210)
Total deferred tax liabilities	(40,418)		(32,879)
Deferred tax assets:
Captive insurance subsidiary	396		378
Accrued liabilities	2,383		2,325
Stock compensation	3,076		2,635
Operating and Finance lease liabilities	7,936		2,232
SmartStop TRS	—		219
Other	916		1,554
State deferred taxes	6,548		6,725
Total deferred tax assets	21,255		16,068
Valuation allowance	(2,241)		(3,302)
Net deferred income tax liabilities	$	(21,404)	$	(20,113)