Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Income Tax Disclosure [Abstract] |
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| Schedule of common stock distributions |
The following table shows the characterization of our annual common stock distributions per share: | | | | | | | | | | | | | | Year Ended December 31, | | 2019 | | 2018 | | 2017 | Ordinary dividends(1) | $ | 0.7633 |
| | $ | 0.9578 |
| | $ | 1.4800 |
| Capital gains | 0.2714 |
| | 0.5222 |
| | — |
| Nondividend distributions | 0.4453 |
| | — |
| | — |
| | $ | 1.4800 |
| | $ | 1.4800 |
| | $ | 1.4800 |
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_______________________________________ (1) For the year ended December 31, 2019 all $0.7633 of ordinary dividends qualified as business income for purposes of Code Section 199A. For the year ended December 31, 2018 the amount includes $0.9414 of qualified business income for purposes of Code Section 199A and $0.0164 of qualified dividend income for purposes of Code Section 1(h)(11)
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| Schedule of income tax expense (benefit) from continuing operations |
The total income tax expense (benefit) from continuing operations consists of the following components (in thousands): | | | | | | | | | | | | | | Year Ended December 31, | | 2019 | | 2018 | | 2017 | Current | | | | | | Federal | $ | 261 |
| | $ | (568 | ) | | $ | 949 |
| State | 729 |
| | 4,003 |
| | 1,504 |
| Foreign | — |
| | 84 |
| | 1,737 |
| Total current | $ | 990 |
| | $ | 3,519 |
| | $ | 4,190 |
| | | | | | | Deferred | | | | | | Federal | $ | (16,061 | ) | | $ | (11,905 | ) | | $ | 2,730 |
| State | (2,191 | ) | | (4,589 | ) | | (5,889 | ) | Foreign | — |
| | (4,879 | ) | | (2,364 | ) | Total deferred | $ | (18,252 | ) | | $ | (21,373 | ) | | $ | (5,523 | ) | | | | | | | Total income tax expense (benefit) | $ | (17,262 | ) | | $ | (17,854 | ) | | $ | (1,333 | ) |
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| Schedule of reconciliation of income tax expense at statutory rates to the actual income tax expense recorded |
The following table reconciles income tax expense (benefit) from continuing operations at statutory rates to actual income tax expense recorded (in thousands): | | | | | | | | | | | | | | Year Ended December 31, | | 2019 | | 2018 | | 2017 | Tax benefit at U.S. federal statutory income tax rate on income or loss subject to tax | $ | (20,923 | ) | | $ | (17,857 | ) | | $ | (21,085 | ) | State income tax expense, net of federal tax | (3,845 | ) | | (1,313 | ) | | (1,222 | ) | Gross receipts and margin taxes | 1,430 |
| | 1,580 |
| | 1,716 |
| Foreign rate differential | — |
| | 301 |
| | 632 |
| Effect of permanent differences | 20 |
| | (34 | ) | | 6 |
| Return to provision adjustments | 157 |
| | (278 | ) | | 1,597 |
| Remeasurement of deferred tax assets and liabilities | — |
| | — |
| | 17,080 |
| Increase (decrease) in valuation allowance | 4,583 |
| | (253 | ) | | (57 | ) | Change in tax status of TRS | 1,316 |
| | — |
| | — |
| Total income tax expense (benefit) | $ | (17,262 | ) | | $ | (17,854 | ) | | $ | (1,333 | ) |
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| 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, | | 2019 | | 2018 | | 2017 | Property, primarily differences in depreciation and amortization, the basis of land, and the treatment of interest and certain costs | $ | 40,466 |
| | $ | 31,034 |
| | $ | 31,691 |
| Net operating loss carryforward | 33,771 |
| | 20,559 |
| | 10,720 |
| Expense accruals and other | 3,258 |
| | 2,424 |
| | 229 |
| Valuation allowance | (4,878 | ) | | (295 | ) | | (548 | ) | Net deferred tax assets | $ | 72,617 |
| | $ | 53,722 |
| | $ | 42,092 |
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| Schedule of income tax contingencies |
The following table summarizes the Company’s unrecognized tax benefits (in thousands): | | | | | | | | | | | | | | December 31, | | 2019 | | 2018 | | 2017 | Total unrecognized tax benefits at January 1 | $ | — |
| | $ | — |
| | $ | — |
| Gross amount of increases for prior years' tax positions | 469 |
| | — |
| | — |
| Total unrecognized tax benefits at December 31 | $ | 469 |
| | $ | — |
| | $ | — |
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