Income Taxes |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes Due to our structure as a REIT, the Consolidated Statements of Income and Comprehensive Income contain no provision for U.S. federal income taxes for the REIT. In addition, we own certain taxable REIT subsidiaries (TRSs), which are subject to federal and state income taxes at regular corporate tax rates and have federal net operating loss carryforwards. During the quarter and nine months ended September 30, 2026, we recorded a full valuation allowance against deferred tax assets of our TRSs of $12.1 million, which is presented in Income tax (expense)/benefit in the Consolidated Statements of Income and Comprehensive Income.
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