Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Deferred tax Liabilities and Assets

Significant components of our deferred tax liabilities and assets are as follows (in thousands):

	December 31,
	2022			2021
Deferred tax liabilities:
Real estate and real estate partnership basis differences	$	119,621		$	124,733
Lease Liability		385			79,827
Other		120			1,807
Deferred tax assets:
Real estate and real estate partnership basis differences		—			145
Lease Right of Use		439			80,497
Other		3,703			2,764
Net operating, capital, and other loss carryforwards		1,109			5,598
Valuation allowance for deferred tax assets		(2,419	)		(1,342	)
Net deferred tax liability	$	117,294		$	118,705

Components of Income Tax Benefit or Expense

Significant components of the income tax benefit (expense) including any interest and penalties related to income taxes are as follows and are classified within Income tax benefit (expense) in our Consolidated Statements of Operations for the years ended December 31, 2022, 2021, and 2020 (in thousands):

	2022			2021			2020
Current:
Federal	$	12,499		$	905		$	857
State		5,840			(250	)		660
Total current		18,339			655			1,517
Deferred:
Federal		(934	)		(7,400	)		(10,470	)
State		(141	)		(6,825	)		(1,196	)
Total deferred		(1,075	)		(14,225	)		(11,666	)
Total income tax expense (benefit)	$	17,264		$	(13,570	)	$	(10,149	)

Reconciliation of Income Tax Attributable to Operations

The reconciliation of income tax attributable to operations computed at the United States statutory rate to income tax benefit recognized for the years ended December 31, 2022, 2021, and 2020 is shown below (in thousands):

	2022		2021		2020
	Amount	Percent	Amount	Percent	Amount	Percent
Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax	$18,641	21.0%	$(6,591)	21.0%	$(5,361)	21.0%
US branch profits tax on earnings of foreign subsidiary	(1,965)	(2.2%)	(1,084)	3.5%	(4,195)	16.4%
State income tax, net of federal (benefit) expense	4,590	5.2%	(7,075)	22.5%	(536)	2.1%
Effects of permanent differences	209	0.2%	197	(0.6%)	1	0.0%
Uncertain tax positions	(4,945)	(5.6%)	—	0%	—	0.0%
Valuation allowance	1,109	1.2%	840	(2.7%)	—	0.0%
Other	(375)	(0.4%)	143	(0.5%)	(58)	0.2%
Total income tax benefit	$17,264	19.4%	$(13,570)	43.2%	$(10,149)	39.7%

Schedule of Dividends Per Share Held

For the years ended December 31, 2022, 2021, and 2020, tax attributes of dividends per share held for the entire year were estimated to be as follows (unaudited):

	2022					2021					2020
	Amount		Percent			Amount		Percent			Amount		Percent
Ordinary income	$	0.01		53.5	%	$	-		0.0	%	$	3.17		6.7	%
Capital gains		0.01		46.5	%		-		0.0	%		19.43		40.9	%
Qualified dividends		-		0.0	%		-		0.0	%		0.62		1.3	%
Unrecaptured § 1250 gain		-		0.0	%		-		0.0	%		8.80		18.5	%
Return of capital		-		0.0	%		-		0.0	%		15.48		32.6	%
Balance at December 31	$	0.02		100.0	%	$	-		0.0	%	$	47.50		100.0	%

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balance of our unrecognized tax benefits is presented below and is included in Accrued liabilities and other in our Consolidated Balance Sheets (in thousands):

	2022			2021
Balance at January 1	$	7,038		$	7,076
Reductions based on tax positions in prior years		(4,903	)		(38	)
Balance at December 31	$	2,135		$	7,038