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Income Taxes and Distributions (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Cash Distributions Paid to Common Stockholders for Federal Income Tax Purposes
Cash distributions paid to common stockholders for federal income tax purposes are as follows for the periods presented:
 Year Ended December 31,
 202420232022
Per share:
Ordinary dividend(1)
$1.3948 $1.6719 $2.4400 
Long-term capital gain/(loss)(2)
0.5147 0.1159 — 
Return of capital0.6505 0.6522 — 
Totals$2.5600 $2.4400 $2.4400 
(1) For the years ended December 31, 2024, 2023 and 2022, includes Section 199A dividends of $1.3948, $1.6719 and $2.4400 respectively.
(2) For the years ended December 31, 2024, 2023 and 2022, includes Unrecaptured Section 1250 Gains of $0.1268, $0.0150 and $0.0000, respectively.
Schedule of Provision for Income Tax Expense (Benefit)
Our consolidated provision for income tax expense (benefit) is as follows for the periods presented (in thousands):
 Year Ended December 31,
 202420232022
Current tax expense$9,216 $8,840 $18,289 
Deferred tax benefit(6,516)(2,476)(11,042)
Income tax expense (benefit)$2,700 $6,364 $7,247 
Schedule of Reconciliation Income Tax Expense (Benefit)
A reconciliation of income taxes, which is computed by applying the federal corporate tax rate for the years ended December 31, 2024, 2023 and 2022, to the income tax expense/(benefit) is as follows for the periods presented (in thousands):
 Year Ended December 31,
 202420232022
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interests and income taxes$204,869 $76,547 $35,241 
Increase (decrease) in valuation allowance(1)
70,680 35,515 30,237 
Tax at statutory rate on earnings not subject to federal income taxes(207,017)(141,044)(75,729)
Foreign permanent depreciation1,947 2,103 2,033 
Other differences(67,779)33,243 15,465 
Totals$2,700 $6,364 $7,247 
(1) Excluding purchase price accounting.
Summary of Tax Effects of Taxable and Deductible Temporary Differences The tax effects of taxable and deductible temporary differences, as well as tax asset/(liability) attributes, are summarized as follows for the periods presented (in thousands):
 Year Ended December 31,
 202420232022
Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets and the treatment of interests and certain costs$(41,711)$(40,336)$(39,212)
Operating loss and interest deduction carryforwards394,168 323,852 254,852 
Expense accruals and other76,767 64,970 94,999 
Valuation allowances(400,753)(330,073)(294,558)
Net deferred tax assets (liabilities)$28,471 $18,413 $16,081 
Schedule of Valuation Allowance Rollforward The valuation allowance activity is summarized as follows for the periods presented (in thousands):
 Year Ended December 31,
 202420232022
Beginning balance$330,073 $294,558 $264,321 
Expense (benefit)70,680 35,515 30,237 
Ending balance$400,753 $330,073 $294,558