v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The components of our provision for income taxes for the periods presented are as follows (in thousands):
Years Ended December 31,
202520242023
Federal
Current$588 $(450)$(291)
Deferred(11)(71)— 
577 (521)(291)
State and Local
Current3,044 2,209 3,456 
3,044 2,209 3,456 
Foreign
Current39,161 34,195 41,085 
Deferred(10,874)(4,174)(198)
28,287 30,021 40,887 
Total Provision for Income Taxes$31,908 $31,709 $44,052 
Schedule of Income (Loss) from Continuing Operations before Income Taxes
The composition of income before income taxes for the year ended December 31, 2025 is as follows (in thousands):

Income before Income TaxesYear Ended December 31, 2025
Domestic$285,029 
International219,794 
Total$504,823 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of effective income tax for the periods presented is as follows (in thousands):
Year Ended December 31,
2025
Income before income taxes
$504,823 
Federal provision at statutory tax rate$106,013 21.0 %
REIT income not subject to federal income taxes(88,760)(17.6)%
State and local taxes, net of federal benefit (a)
3,038 0.6 %
Foreign Tax Effects:
The Netherlands:
Change in valuation allowance(6,524)(1.3)%
Other278 0.1 %
United Kingdom6,822 1.4 %
Other foreign jurisdictions11,561 2.3 %
Changes in unrecognized tax benefits(1,421)(0.3)%
Change in valuation allowance196 0.0 %
Other705 0.1 %
Total Provision for Income Taxes$31,908 6.3 %
Years Ended December 31,
20242023
Income before income taxes attributable to taxable subsidiaries
$63,669 $73,669 
Federal provision at statutory tax rate (21%)
$13,370 $15,471 
Non-deductible expense6,227 3,201 
Change in valuation allowance3,215 9,970 
Rate differential2,712 1,357 
State and local taxes, net of federal benefit2,382 3,517 
Other3,803 10,536 
Total Provision for Income Taxes$31,709 $44,052 
__________
(a)State taxes in California, North Carolina, Tennessee, and Texas made up the majority (greater than 50 percent) of the tax effect in this category.
Schedule of Deferred Tax Assets and Liabilities
Deferred income taxes at December 31, 2025 and 2024 consist of the following (in thousands):
 December 31,
 20252024
Deferred Tax Assets  
Net operating loss and other tax credit carryforwards$42,685 $47,134 
Basis differences — foreign investments34,486 24,991 
Other741 953 
Total deferred tax assets77,912 73,078 
Valuation allowance(44,761)(55,488)
Net deferred tax assets33,151 17,590 
Deferred Tax Liabilities  
Basis differences — foreign investments(151,820)(147,462)
Total deferred tax liabilities(151,820)(147,462)
Net Deferred Tax Liability$(118,669)$(129,872)
Unrecognized Tax Benefits
The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits (in thousands):
 Years Ended December 31,
 20252024
Beginning balance$2,909 $5,112 
Decrease based on tax positions related to the prior year(1,588)(1,379)
Addition based on tax positions related to the current year1,543 77 
Decrease due to lapse in statute of limitations(742)(745)
Foreign currency translation adjustments110 (156)
Ending balance$2,232 $2,909 
Schedule of Cash Flow, Supplemental Disclosures
Income taxes paid during the year ended December 31, 2025 consist of the following (in thousands):
Year Ended December 31, 2025
Domestic:
 Federal $(257)
 State and local 2,453 
 Foreign:
 The Netherlands 7,664 
 United Kingdom 6,642 
 Poland 4,561 
 Canada 3,559 
 France 2,954 
 Spain 2,193 
 Mexico 2,056 
 Other Foreign 8,270 
 Total Income Taxes Paid$40,095