Income Taxes |
6 Months Ended |
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Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes During each of the three and six months ended June 30, 2026, we recognized deferred income tax expense of $0.7 million in our condensed consolidated statements of income which was primarily attributable to the changes in the operations and investments within our TRS. We did not have any current income tax expense in these periods. During each of the three and six months ended June 30, 2025, we did not recognize any income tax expense in our condensed consolidated statements of income. As of June 30, 2026 and December 31, 2025, we had deferred tax assets, net of valuation allowances, of $6.0 million and $4.4 million, respectively, primarily related to federal and state net operating loss carryforwards of our TRS. As of June 30, 2026 and December 31, 2025, we had deferred tax liabilities of $6.7 million and $4.4 million, respectively, primarily related to the income tax losses associated with our investment in Timber Ridge OpCo that exceeded those recognized under GAAP and differences in the financial reporting basis and income tax basis of our real estate properties in the TRS. Our income tax returns are generally subject to examination by the Internal Revenue Service or state and local taxing authorities for the year ended December 31, 2022 and subsequent years. The statutes of limitations for state and local examinations may vary across the states in which we operate.
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