INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Tax treatment of distributions:
Ordinary income	$	—	$	—	$	—
Qualified ordinary income	0.04468		0.04906		0.00330
199A qualified business income	1.49465		1.75094		1.25274
Long-term capital gain	0.09136		—		0.16448
Unrecaptured Section 1250 gain	—		—		0.37948
Non-dividend distribution	0.16931		—		—
Distribution reported for 1099-DIV purposes	1.80000		1.80000		1.80000
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)		(0.45000)
Distribution declared per common share outstanding	$	1.80000	$	1.80000	$	1.80000

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,
	2023		2022		2021
Current - Federal	$	534	$	(2,257)	$	662
Current - State	2,564		2,662		2,116
Deferred - Federal	(6,135)		338		6,431
Deferred - State	230		1,310		72
Current - Foreign	2,587		3,217		3,439
Deferred - Foreign	(9,319)		(22,196)		(7,893)
Total	$	(9,539)	$	(16,926)	$	4,827

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, 2023, 2022 and 2021, to the income tax expense and benefit is as follows (dollars in thousands):

	For the Years Ended December 31,
	2023		2022		2021
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes	$	(24,272)	$	(19,733)	$	(34,127)
State income taxes, net of federal benefit	(839)		(5,411)		(8,256)
Change in valuation allowance	20,330		53,117		59,572
Tax at statutory rate on earnings not subject to federal income taxes	(7,809)		(31,528)		(22,869)
Foreign rate differential and foreign taxes	43		123		4,405
Change in tax status of TRS	9,171		(1,961)		3,485
Other differences	(6,163)		(11,533)		2,617
Income tax (benefit) expense	$	(9,539)	$	(16,926)	$	4,827

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,
	2023		2022		2021
Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs	$	(26,071)	$	(34,734)	$	(58,691)
Operating loss and interest deduction carryforwards	233,847		220,891		187,407
Expense accruals and other	26,700		16,723		21,628
Valuation allowance	(257,222)		(227,960)		(198,450)
Net deferred tax liabilities	$	(22,746)	$	(25,080)	$	(48,106)

Summary of activity related to unrecognized tax benefits

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

	2023		2022
Balance as of January 1	$	5,828	$	6,082
Additions to tax positions related to prior years	108		2
Subtractions to tax positions related to prior years	(731)		(256)
Balance as of December 31	$	5,205	$	5,828