Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Distributions Paid Per Common Share of Beneficial Interest and Preferred Shares on a Tax Basis

The following characterizes distributions paid per common share and preferred share on a tax basis for the years ended December 31, 2020, 2019 and 2018:


	2020				2019				2018
	Amount		%		Amount		%		Amount		%
Common Shares:
Ordinary non-qualified income	$	—	—	%	$	0.5609	30.03	%	$	1.2040	77.57	%
Qualified dividend	—		—	%	0.0069		0.37	%	0.3482		22.43	%
Capital gain	0.0100		33.33	%	1.3000		69.60	%	—		—	%
Return of capital	0.0200		66.67	%	—		—	%	—		—	%
Total	$	0.0300	100.00	%	$	1.8678	100.00	%	$	1.5522	100.00	%















Series C Preferred Shares:
Ordinary non-qualified income	$	—	—	%	$	0.6100	30.03	%	$	1.2605	77.57	%
Qualified dividend	—		—	%	0.0075		0.37	%	0.3645		22.43	%
Capital gain	0.4063		33.34	%	1.4138		69.60	%	—		—	%
Return of capital	0.8125		66.66	%	—		—	%	—		—	%
Total	$	1.2188	100.00	%	$	2.0313	100.00	%	$	1.6250	100.00	%

Series D Preferred Shares:
Ordinary non-qualified income	$	—	—	%	$	0.5982	30.03	%	$	1.2363	77.57	%
Qualified dividend	—		—	%	0.0074		0.37	%	0.3575		22.43	%
Capital gain	0.3984		33.33	%	1.3866		69.60	%	—		—	%
Return of capital	0.7969		66.67	%	—		—	%	—		—	%
Total	$	1.1953	100.00	%	$	1.9922	100.00	%	$	1.5938	100.00	%

Series E Preferred Shares: (1)
Ordinary non-qualified income	$	—	—	%	$	0.5982	30.03	%	$	—	—	%
Qualified dividend	—		—	%	0.0074		0.37	%	—		—	%
Capital gain	0.3984		33.33	%	1.3866		69.60	%	—		—	%
Return of capital	0.7969		66.67	%	—		—	%	—		—	%
Total	$	1.1953	100.00	%	$	1.9922	100.00	%	$	—	—	%

Series F Preferred Shares: (1)
Ordinary non-qualified income	$	—	—	%	$	0.5912	30.03	%	$	—	—	%
Qualified dividend	—		—	%	0.0073		0.37	%	—		—	%
Capital gain	0.3938		33.34	%	1.3703		69.60	%	—		—	%
Return of capital	0.7875		66.66	%	—		—	%	—		—	%
Total	$	1.1813	100.00	%	$	1.9688	100.00	%	$	—	—	%

(1) Issued upon completion of the Company's merger with LaSalle on November 30, 2018.

Components of Income Tax Expense

The Company's provision (benefit) for income taxes consists of the following (in thousands):


	For the year ended December 31,
	2020		2019		2018
Federal
Current	$	(127)	$	3,061	$	1,696
Deferred	(6,266)		(106)		(248)
State and local
Current	668		3,938		360
Deferred	2,028		(1,721)		(66)
Income tax expense (benefit)	$	(3,697)	$	5,172	$	1,742

Reconciliation of Statutory Federal Tax Expense to Company's Income Tax Expense

A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) is as follows (in thousands):


	For the year ended December 31,
	2020		2019		2018
Statutory federal tax expense (benefit)	$	(72,098)	$	25,388	$	3,177
State income tax expense (benefit), net of federal tax expense (benefit)	(5,046)		943		300
REIT income not subject to tax	53,311		(21,522)		(1,828)
Change in valuation allowance	20,056		—		—
Other	80		363		93
Income tax expense (benefit), net	$	(3,697)	$	5,172	$	1,742

Schedule of Deferred Tax Assets

The significant components of the Company's deferred tax assets as of December 31, 2020 and 2019 consisted of the following (in thousands):


	December 31, 2020		December 31, 2019
Deferred Tax Assets:
Net operating loss carryover	$	18,309	$	723
State taxes and other	1,631		1,158
Depreciation	980		1,668
Total deferred tax asset before valuation allowance	$	20,920	$	3,549
Valuation allowance	(20,920)		(864)
Deferred tax asset net of valuation allowance	$	—	$	2,685