Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of tax treatment of distributions per common share

Our tax treatment of distributions per common share was as follows:

	For the Years Ended December 31,
	2021		2020		2019
Tax treatment of distributions:
Ordinary income	$	—	$	—	$	—
Qualified ordinary income	0.00330		0.00696		0.12230
199A qualified business income	1.25274		2.14381		2.22898
Long-term capital gain	0.16448		0.28450		—
Unrecaptured Section 1250 gain	0.37948		0.04973		0.03434
Non-dividend distribution	—		—		0.78438
Distribution reported for 1099-DIV purposes	1.80000		2.48500		3.17000
Add: Dividend declared in current year and taxable in following year	0.45000		0.45000		0.79250
Less: Dividend declared in prior year and taxable in current year	(0.45000)		(0.79250)		(0.79250)
Distribution declared per common share outstanding	$	1.80000	$	2.14250	$	3.17000

Schedule of provision (benefit) for income taxes

Our consolidated expense (benefit) for income taxes was as follows (dollars in thousands):

	For the Years Ended December 31,
	2021		2020		2019
Current - Federal	$	662	$	402	$	(1,840)
Current - State	2,116		2,107		2,118
Deferred - Federal	6,431		(56,835)		(49,532)
Deferred - State	72		(35,447)		(3,353)
Current - Foreign	3,439		2,929		2,335
Deferred - Foreign	(7,893)		(9,690)		(6,038)
Total	$	4,827	$	(96,534)	$	(56,310)

Schedule of reconciliation of income tax expense

A reconciliation of income tax expense and benefit, which is computed by applying the federal corporate tax rate for the years ended December 31, 2021, 2020 and 2019, to the income tax expense and benefit is as follows (dollars in thousands):

	For the Years Ended December 31,
	2021		2020		2019
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes	$	(34,127)	$	27,132	$	77,803
State income taxes, net of federal benefit	(8,256)		(1,967)		2,341
Change in valuation allowance from ordinary operations	59,572		86,359		(47,227)
Tax at statutory rate on earnings not subject to federal income taxes	(22,869)		(53,808)		(90,862)
Foreign rate differential and foreign taxes	4,405		3,342		1,407
Change in tax status of TRS	3,485		(150,287)		(52)
Other differences	2,617		(7,305)		280
Income tax expense (benefit)	$	4,827	$	(96,534)	$	(56,310)

Summary of tax effects of temporary differences and carryforwards included in the net deferred tax liabilities

The tax effects of temporary differences and carryforwards included in the net deferred tax liabilities are summarized as follows (dollars in thousands):

	As of December 31,
	2021		2020		2019
Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs	$	(58,691)	$	(60,494)	$	(257,373)
Operating loss and interest deduction carryforwards	187,407		124,606		136,771
Expense accruals and other	21,628		10,516		7,380
Valuation allowance	(198,450)		(127,279)		(40,114)
Net deferred tax liabilities	$	(48,106)	$	(52,651)	$	(153,336)

Summary of activity related to unrecognized tax benefits

The following table summarizes the activity related to our unrecognized tax benefits (dollars in thousands):

	2021		2020
Balance as of January 1	$	6,057	$	12,127
Additions to tax positions related to prior years	29		74
Subtractions to tax positions related to prior years	(4)		(6,144)
Balance as of December 31	$	6,082	$	6,057