Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Effective Tax Rate

The effective tax rate is calculated below (in thousands):

		For the year ended
		December 31, 2022
Pre-tax book income (loss)		$	(120,097	)
	Tax on pre-tax book income (loss)		(25,221	)
	Non-controlling interest		11,852
	State taxes on current year income, permanent items		(5,620	)
	Deferred tax asset build-up		(161,321	)
	Valuation allowance		175,328
	Deferred rate change		3,202
	Other		1,780
Income tax expense		$	—
Effective tax rate			0	%

Summary of Total Deferred Tax Assets and Liabilities

The total deferred tax assets and liabilities are comprised of the following as of December 31 (in thousands):

		2022			2021
Deferred income tax assets (liabilities):
	Loss carryforwards and credits	$	38,992		$	—
	Difference between book and tax basis of property, plant, and equipment		114,485			—
	Straight-line rent		(5,206	)		—
	Prepaid insurance		(841	)		—
	Allowance for bad debts		802			—
	Joint ventures		8,950			—
	Accrued bonus		1,177			—
	Stock compensation		2,480			—
	Prepaid rent		904			—
	Unearned revenue		1,275			—
	State depreciation differences		(265	)		—
	Valuation allowance		(162,753	)		—
Net deferred income tax asset		$	—		$	—

Summary of Valuation Allowance Activity

A summary of the Company’s valuation allowance activity for the year ended December 31, 2022 is as follows (in thousands):

		2022
Balance, beginning of year		$	—
	Charged to costs and expenses (1)		175,328
	(Credited) charged to other accounts (2)		(12,575	)
Balance, end of year		$	162,753

(1)Includes $161.3 million of valuation allowance recorded for change in taxable status.

(2)Relates to valuation allowance impact recorded through additional paid-in capital due to exchange of equity interest in operating partnership for Class A shares.