Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of common stock distributions

The following table shows the characterization of our annual common stock distributions per share:

	Year Ended December 31,
	2019		2018		2017
Ordinary dividends(1)	$	0.7633	$	0.9578	$	1.4800
Capital gains	0.2714		0.5222		—
Nondividend distributions	0.4453		—		—
	$	1.4800	$	1.4800	$	1.4800

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(1)

For the year ended December 31, 2019 all $0.7633 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2018 the amount includes $0.9414 of qualified business income for purposes of Code Section 199A and $0.0164 of qualified dividend income for purposes of Code Section 1(h)(11)

Schedule of income tax expense (benefit) from continuing operations

The total income tax expense (benefit) from continuing operations consists of the following components (in thousands):

	Year Ended December 31,
	2019			2018			2017
Current
Federal	$	261		$	(568	)	$	949
State	729			4,003			1,504
Foreign	—			84			1,737
Total current	$	990		$	3,519		$	4,190
Deferred
Federal	$	(16,061	)	$	(11,905	)	$	2,730
State	(2,191		)	(4,589		)	(5,889		)
Foreign	—			(4,879		)	(2,364		)
Total deferred	$	(18,252	)	$	(21,373	)	$	(5,523	)
Total income tax expense (benefit)	$	(17,262	)	$	(17,854	)	$	(1,333	)

Schedule of reconciliation of income tax expense at statutory rates to the actual income tax expense recorded

The following table reconciles income tax expense (benefit) from continuing operations at statutory rates to actual income tax expense recorded (in thousands):

	Year Ended December 31,
	2019			2018			2017
Tax benefit at U.S. federal statutory income tax rate on income or loss subject to tax	$	(20,923	)	$	(17,857	)	$	(21,085	)
State income tax expense, net of federal tax	(3,845		)	(1,313		)	(1,222		)
Gross receipts and margin taxes	1,430			1,580			1,716
Foreign rate differential	—			301			632
Effect of permanent differences	20			(34		)	6
Return to provision adjustments	157			(278		)	1,597
Remeasurement of deferred tax assets and liabilities	—			—			17,080
Increase (decrease) in valuation allowance	4,583			(253		)	(57		)
Change in tax status of TRS	1,316			—			—
Total income tax expense (benefit)	$	(17,262	)	$	(17,854	)	$	(1,333	)

Schedule of significant components of the company's deferred tax asset and liabilities

The following table summarizes the significant components of the Company’s deferred tax assets and liabilities from continuing operations (in thousands):

	December 31,
	2019			2018			2017
Property, primarily differences in depreciation and amortization, the basis of land, and the treatment of interest and certain costs	$	40,466		$	31,034		$	31,691
Net operating loss carryforward	33,771			20,559			10,720
Expense accruals and other	3,258			2,424			229
Valuation allowance	(4,878		)	(295		)	(548		)
Net deferred tax assets	$	72,617		$	53,722		$	42,092

Schedule of income tax contingencies

The following table summarizes the Company’s unrecognized tax benefits (in thousands):

	December 31,
	2019		2018		2017
Total unrecognized tax benefits at January 1	$	—	$	—	$	—
Gross amount of increases for prior years' tax positions	469		—		—
Total unrecognized tax benefits at December 31	$	469	$	—	$	—