Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021, 2020 and 2019:


	2021				2020				2019
	Amount		%		Amount		%		Amount		%
Common Shares:
Ordinary non-qualified income	$	—	—	%	$	—	—	%	$	0.5609	30.03	%
Qualified dividend	—		—	%	—		—	%	0.0069		0.37	%
Capital gain	0.0128		32.00	%	0.0100		33.33	%	1.3000		69.60	%
Return of capital	0.0272		68.00	%	0.0200		66.67	%	—		—	%
Total	$	0.0400	100.00	%	$	0.0300	100.00	%	$	1.8678	100.00	%















Series C Preferred Shares:
Ordinary non-qualified income	$	—	—	%	$	—	—	%	$	0.6100	30.03	%
Qualified dividend	—		—	%	—		—	%	0.0075		0.37	%
Capital gain	0.1725		12.45	%	0.4063		33.34	%	1.4138		69.60	%
Return of capital	1.2133		87.55	%	0.8125		66.66	%	—		—	%
Total	$	1.3858	100.00	%	$	1.2188	100.00	%	$	2.0313	100.00	%

Series D Preferred Shares:
Ordinary non-qualified income	$	—	—	%	$	—	—	%	$	0.5982	30.03	%
Qualified dividend	—		—	%	—		—	%	0.0074		0.37	%
Capital gain	0.1692		12.49	%	0.3984		33.33	%	1.3866		69.60	%
Return of capital	1.1855		87.51	%	0.7969		66.67	%	—		—	%
Total	$	1.3547	100.00	%	$	1.1953	100.00	%	$	1.9922	100.00	%

Series E Preferred Shares: (1)
Ordinary non-qualified income	$	—	—	%	$	—	—	%	$	0.5982	30.03	%
Qualified dividend	—		—	%	—		—	%	0.0074		0.37	%
Capital gain	0.5118		32.11	%	0.3984		33.33	%	1.3866		69.60	%
Return of capital	1.0819		67.89	%	0.7969		66.67	%	—		—	%
Total	$	1.5937	100.00	%	$	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	0.5058		32.11	%	0.3938		33.34	%	1.3703		69.60	%
Return of capital	1.0692		67.89	%	0.7875		66.66	%	—		—	%
Total	$	1.5750	100.00	%	$	1.1813	100.00	%	$	1.9688	100.00	%

Series G Preferred Shares:
Ordinary non-qualified income	$	—	—	%	$	—	—	%	$	—	—	%
Qualified dividend	—		—	%	—		—	%	—		—	%
Capital gain	0.5787		86.00	%	—		—	%	—		—	%
Return of capital	0.0942		14.00	%	—		—	%	—		—	%
Total	$	0.6729	100.00	%	$	—	—	%	$	—	—	%

Series H Preferred Shares:
Ordinary non-qualified income	$	—	—	%	$	—	—	%	$	—	—	%
Qualified dividend	—		—	%	—		—	%	—		—	%
Capital gain	0.2655		86.01	%	—		—	%	—		—	%
Return of capital	0.0432		13.99	%	—		—	%	—		—	%
Total	$	0.3087	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,
	2021		2020		2019
Federal
Current	$	—	$	(127)	$	3,061
Deferred	—		(6,266)		(106)
State and local
Current	61		668		3,938
Deferred	—		2,028		(1,721)
Income tax expense (benefit)	$	61	$	(3,697)	$	5,172

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,
	2021		2020		2019
Statutory federal tax expense (benefit)	$	(38,251)	$	(72,098)	$	25,388
State income tax expense (benefit), net of federal tax expense (benefit)	(6,990)		(5,046)		943
REIT income not subject to tax	22,235		53,311		(21,522)
Change in valuation allowance	23,077		20,056		—
Other	(10)		80		363
Income tax expense (benefit), net	$	61	$	(3,697)	$	5,172

Schedule of Deferred Tax Assets

The significant components of the Company's deferred tax assets as of December 31, 2021 and 2020 consisted of the following (in thousands):


	December 31, 2021		December 31, 2020
Deferred Tax Assets:
Net operating loss carryover	$	41,109	$	18,309
State taxes and other	2,470		1,631
Depreciation	418		980
Total deferred tax asset before valuation allowance	$	43,997	$	20,920
Valuation allowance	(43,997)		(20,920)
Deferred tax asset net of valuation allowance	$	—	$	—