INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021		2020
Tax treatment of distributions:
Ordinary income	$	—	$	—	$	—
Qualified ordinary income	0.04906		0.00330		0.00696
199A qualified business income	1.75094		1.25274		2.14381
Long-term capital gain	—		0.16448		0.28450
Unrecaptured Section 1250 gain	—		0.37948		0.04973
Non-dividend distribution	—		—		—
Distribution reported for 1099-DIV purposes	1.80000		1.80000		2.48500
Add: Dividend declared in current year and taxable in following year	0.45000		0.45000		0.45000
Less: Dividend declared in prior year and taxable in current year	(0.45000)		(0.45000)		(0.79250)
Distribution declared per common share outstanding	$	1.80000	$	1.80000	$	2.14250

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,
	2022		2021		2020
Current - Federal	$	(2,257)	$	662	$	402
Current - State	2,662		2,116		2,107
Deferred - Federal	338		6,431		(56,835)
Deferred - State	1,310		72		(35,447)
Current - Foreign	3,217		3,439		2,929
Deferred - Foreign	(22,196)		(7,893)		(9,690)
Total	$	(16,926)	$	4,827	$	(96,534)

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, 2022, 2021 and 2020, to the income tax expense and benefit is as follows (dollars in thousands):

	For the Years Ended December 31,
	2022		2021		2020
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes	$	(19,733)	$	(34,127)	$	27,132
State income taxes, net of federal benefit	(5,411)		(8,256)		(1,967)
Change in valuation allowance from ordinary operations	53,117		59,572		86,359
Tax at statutory rate on earnings not subject to federal income taxes	(31,528)		(22,869)		(53,808)
Foreign rate differential and foreign taxes	123		4,405		3,342
Change in tax status of TRS	(1,961)		3,485		(150,287)
Other differences	(11,533)		2,617		(7,305)
Income tax (benefit) expense	$	(16,926)	$	4,827	$	(96,534)

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,
	2022		2021		2020
Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs	$	(34,734)	$	(58,691)	$	(60,494)
Operating loss and interest deduction carryforwards	220,891		187,407		124,606
Expense accruals and other	16,723		21,628		10,516
Valuation allowance	(227,960)		(198,450)		(127,279)
Net deferred tax liabilities	$	(25,080)	$	(48,106)	$	(52,651)

Summary of activity related to unrecognized tax benefits

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

	2022		2021
Balance as of January 1	$	6,082	$	6,057
Additions to tax positions related to prior years	2		29
Subtractions to tax positions related to prior years	(256)		(4)
Balance as of December 31	$	5,828	$	6,082