Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Deferred tax Liabilities and Assets

Significant components of our deferred tax liabilities and assets as of December 31, 2023 and 2022 are as follows (in thousands):

	As of December 31,
	2023			2022
Deferred tax liabilities:
Real estate and real estate partnership basis differences	$	110,379		$	119,621
Lease liability - finance lease		307			385
Other		245			120
Deferred tax assets:
Right-of-use lease asset - finance lease		386			439
Other		3,363			3,703
Net operating, capital, and other loss carryforwards		3,953			1,109
Valuation allowance for deferred tax assets		(4,664	)		(2,419	)
Net deferred tax liability	$	107,893		$	117,294

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, 2023, 2022, and 2021 (in thousands):

	2023			2022			2021
Current:
Federal	$	463		$	12,499		$	905
State		(3,813	)		5,840			(250	)
Total current		(3,350	)		18,339			655
Deferred:
Federal		(7,182	)		(934	)		(7,400	)
State		(2,220	)		(141	)		(6,825	)
Total deferred		(9,402	)		(1,075	)		(14,225	)
Total income tax expense (benefit)	$	(12,752	)	$	17,264		$	(13,570	)

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, 2023, 2022, and 2021, is shown below (in thousands):

	2023		2022		2021
	Amount	Percent	Amount	Percent	Amount	Percent
Tax (benefit) expense at United States statutory rates on consolidated income or loss subject to tax	$(3,189)	21.0%	$18,641	21.0%	$(6,591)	21.0%
US branch profits tax on earnings of foreign subsidiary	(3,101)	20.4%	(1,965)	(2.2%)	(1,084)	3.5%
State income tax, net of federal (benefit) expense	(8,320)	54.8%	4,590	5.2%	(7,075)	22.5%
Effects of permanent differences	96	(0.6%)	209	0.2%	197	(0.6%)
Uncertain tax positions	—	0.0%	(4,945)	(5.6%)	—	0.0%
Valuation allowance	2,270	(14.9%)	1,109	1.2%	840	(2.7%)
Other	(508)	3.3%	(375)	(0.4%)	143	(0.5%)
Change in Tax Rate	—	0%	—	0%	—	0%
Total income tax benefit	$(12,752)	84.0%	$17,264	19.4%	$(13,570)	43.2%

Schedule of Dividends Per Share Held

For the years ended December 31, 2023, 2022, and 2021, tax attributes of dividends per share held for the entire year were estimated to be as follows (unaudited):

	2023					2022					2021
	Amount		Percent			Amount		Percent			Amount		Percent
Ordinary income	$	—		0.0	%	$	0.01		53.5	%	$	—		0.0	%
Capital gains		—		0.0	%		0.01		46.5	%		—		0.0	%
Qualified dividends		—		0.0	%		—		0.0	%		—		0.0	%
Unrecaptured § 1250 gain		—		0.0	%		—		0.0	%		—		0.0	%
Return of capital		—		0.0	%		—		0.0	%		—		0.0	%
Balance at December 31,	$	—		0.0	%	$	0.02		100.0	%	$	—		0.0	%

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):

	2023			2022
Balance at January 1,	$	2,135		$	7,038
Additions based on tax positions in prior years		52			427
Lapse of applicable statute of limitations		(95	)		(5,330	)
Balance at December 31,	$	2,092		$	2,135