XML 66 R52.htm IDEA: XBRL DOCUMENT v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Common Stock Distributions
The following table shows the characterization of the Company’s annual common stock distributions per share:
Year Ended December 31,
202220212020
Ordinary dividends(1)
$0.872948 $0.152336 $0.713864 
Capital gains(2)(3)
0.183208 0.379960 0.529796 
Nondividend distributions0.143844 0.667704 0.236340 
$1.200000 $1.200000 $1.480000 
_______________________________________
(1)For the year ended December 31, 2022, all $0.872948 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2021, the amount includes $0.137064 of ordinary dividends qualified as business income for purposes of Code Section 199A and $0.015272 of qualified dividend income for purposes of Code Section 1(h)(11). For the year ended December 31, 2020, all $0.713864 of ordinary dividends qualified as business income for purposes of Code Section 199A.
(2)For the years ended December 31, 2022, 2021, and 2020, the amount includes $0.017760, $0.379960, and $0.221420, respectively, of Unrecaptured Section 1250 gain. Pursuant to Treasury Regulation Section 1.1061-6(c), the Company is disclosing additional information related to the capital gain dividends for purposes of Section 1061 of the Code. Code Section 1061 is generally applicable to direct and indirect holders of “applicable partnership interests.” For the year ended December 31, 2022, the “One Year Amounts” and “Three Year Amounts” are 89.6708% of the total capital gain distributions and the remaining capital gain distributions are attributable to Code Section 1231 gains, which are not subject to Code Section 1061. For the years ended December 31, 2021 and 2020, the “One Year Amounts” and “Three Year Amounts” are each zero, since all capital gains relate to Code Section 1231 gains.
(3)For the years ended December 31, 2022, 2021, and 2020, 10.3292%, 100%, and 100%, respectively, of the capital gain distributions represent gains from dispositions of U.S. real property interests pursuant to Code Section 897 for foreign shareholders.
Schedule of Income Tax Expense (Benefit) From Continuing Operations
The total income tax benefit (expense) from continuing operations consists of the following components (in thousands):
Year Ended December 31,
202220212020
Current
Federal$(632)$(126)$9,164 
State(689)(1,003)(1,431)
Total current$(1,321)$(1,129)$7,733 
Deferred
Federal$3,157 $3,469 $2,849 
State2,589 921 (1,159)
Total deferred$5,746 $4,390 $1,690 
Total income tax benefit (expense) from continuing operations$4,425 $3,261 $9,423 
Schedule of Reconciliation of Income Tax Expense at Statutory Rates to the Actual Income Tax Expense Recorded
The following table reconciles income tax benefit (expense) from continuing operations at statutory rates to actual income tax benefit (expense) recorded (in thousands):
Year Ended December 31,
202220212020
Tax benefit (expense) at U.S. federal statutory income tax rate on income or loss subject to tax$3,698 $3,345 $(15,016)
State income tax benefit (expense), net of federal tax 911 706 (4,211)
Gross receipts and margin taxes(956)(989)(980)
Return to provision adjustments1,260 (4)(707)
Valuation allowance for deferred tax assets194 203 (24,051)
Tax rate differential ─ NOL carryback under the CARES Act— — 3,732 
Change in tax status of TRS(682)— 50,656 
Total income tax benefit (expense) from continuing operations$4,425 $3,261 $9,423 
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,
202220212020
Deferred tax assets:
Deferred revenue$102,504 $104,397 $103,713 
Net operating loss carryforward62,280 71,744 68,444 
Expense accruals12,399 14,229 15,478 
Real estate150 129 3,895 
Investment in unconsolidated joint ventures— — 2,333 
Other 689 — — 
Total deferred tax assets178,022 190,499 193,863 
Valuation allowance(26,098)(35,772)(33,519)
Deferred tax assets, net of valuation allowance$151,924 $154,727 $160,344 
Deferred tax liabilities:
Real estate$52,266 $61,097 $72,059 
Other674 648 1,094 
Deferred tax liabilities$52,940 $61,745 $73,153 
Net deferred tax assets$98,984 $92,982 $87,191 
Schedule of Income Tax Contingencies
The following table summarizes the Company’s unrecognized tax benefits (in thousands):
December 31,
202220212020
Total unrecognized tax benefits at January 1$469 $469 $469 
Gross amount of decreases for prior years’ tax positions(469)— — 
Total unrecognized tax benefits at December 31$— $469 $469