Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Ordinary dividends(1)	$	0.720440	$	0.909692	$	0.872948
Capital gains(2)(3)	0.295060		0.116992		0.183208
Nondividend distributions	0.184500		0.173316		0.143844
	$	1.200000	$	1.200000	$	1.200000

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(1)For the year ended December 31, 2024, all $0.720440 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2023, the amount includes $0.882312 of ordinary dividends qualified as business income for purposes of Code Section 199A and $0.027380 of qualified dividend income for purposes of Code Section 1(h)(11). For the year ended December 31, 2022, all $0.872948 of ordinary dividends qualified as business income for purposes of Code Section 199A.

(2)For the years ended December 31, 2024, 2023, and 2022, the amount includes $0.215960, $0.036256, and $0.017760, respectively, of unrecaptured Code 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 years ended December 31, 2024 and 2023, the “One Year Amounts” and “Three Year Amounts” are each zero, since all capital gains relate to Code Section 1231 gains. For the year ended December 31, 2022, the “One Year Amounts” and “Three Year Amounts” are each 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.

(3)For the years ended December 31, 2024, 2023, and 2022, 100%, 100%, and 10.3292%, 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,
	2024		2023		2022
Current
Federal	$	(2,389)	$	(1,663)	$	(632)
State	(3,654)		(3,325)		(689)
Total current	$	(6,043)	$	(4,988)	$	(1,321)
Deferred
Federal	$	(3,429)	$	11,682	$	3,157
State	5,122		2,923		2,589
Total deferred	$	1,693	$	14,605	$	5,746
Total income tax benefit (expense) from continuing operations	$	(4,350)	$	9,617	$	4,425

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,
	2024		2023		2022
Tax benefit (expense) at U.S. federal statutory income tax rate on income or loss subject to tax	$	(11,601)	$	(1,404)	$	3,698
State income tax benefit (expense), net of federal tax	(1,389)		(1,035)		911
Gross receipts and margin taxes	(1,774)		(1,647)		(956)
Return to provision adjustments	(287)		(90)		1,260
Change in valuation allowance for deferred tax assets	10,698		13,797		194
Change in tax status of TRS	3		(4)		(682)
Total income tax benefit (expense) from continuing operations	$	(4,350)	$	9,617	$	4,425

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,
	2024		2023		2022
Deferred tax assets:
Deferred revenue	$	103,470	$	103,530	$	102,504
Net operating loss carryforward	50,041		54,136		62,280
Expense accruals	11,787		12,324		12,399
Real estate	195		850		150
Other	49		58		689
Total deferred tax assets	165,542		170,898		178,022
Valuation allowance	(2,306)		(13,004)		(26,098)
Deferred tax assets, net of valuation allowance	$	163,236	$	157,894	$	151,924
Deferred tax liabilities:
Real estate	$	47,268	$	43,488	$	52,266
Other	876		818		674
Deferred tax liabilities	$	48,144	$	44,306	$	52,940
Net deferred tax assets	$	115,092	$	113,588	$	98,984

Schedule of Unrecognized Tax Benefits Roll Forward

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

	December 31,
	2024		2023		2022
Total unrecognized tax benefits at January 1	$	—	$	—	$	469
Gross amount of decreases for prior years’ tax positions	—		—		(469)
Total unrecognized tax benefits at December 31	$	—	$	—	$	—