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Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our Consolidated Financial Statements include the operations of the Company’s taxable REIT subsidiary, which is not entitled to the dividends paid deduction and is subject to federal, state and local income taxes on its taxable income.

The minimum dividend per share of Common Stock required for the Company to maintain its REIT status was $1.61, $1.41 and $1.44 per share in 2021, 2020 and 2019, respectively. Continued qualification as a REIT depends on the Company’s ability to satisfy the dividend distribution tests, stock ownership requirements and various other qualification tests. The tax basis of the Company’s assets (net of accumulated tax depreciation and amortization) and liabilities was approximately $5.2 billion and $3.2 billion, respectively, at December 31, 2021 and $4.7 billion and $2.8 billion, respectively, at December 31, 2020. The tax basis of the Operating Partnership’s assets (net of accumulated tax depreciation and amortization) and liabilities was approximately $5.0 billion and $3.2 billion, respectively, at December 31, 2021 and $4.6 billion and $2.8 billion, respectively, at December 31, 2020.

During the years ended December 31, 2021, 2020 and 2019, the Company qualified as a REIT and incurred no federal income tax expense; accordingly, the only federal income taxes included in the accompanying Consolidated Financial Statements relate to activities of the Company’s taxable REIT subsidiary.

The following table sets forth the Company’s income tax expense:

Year Ended December 31,
202120202019
Current tax expense:
Federal$40 $110 $202 
State79 240 148 
119 350 350 
Deferred tax expense/(benefit):
Federal(39)(9)14 
State58 (4)(120)
19 (13)(106)
Total income tax expense$138 $337 $244 

The Company’s net deferred tax liability was $0.1 million at both December 31, 2021 and 2020. The net deferred tax liability is comprised primarily of tax versus book differences related to property (depreciation, amortization and basis differences).
For the years ended December 31, 2021 and 2020, there were no unrecognized tax benefits. The Company is subject to federal, state and local income tax examinations by taxing authorities for 2018 through 2021. The Company does not expect that the total amount of unrecognized benefits will materially change within the next year.