Income taxes (Tables)

12 Months Ended

Dec. 31, 2013

Reconciliation of GAAP net income to taxable income as filed with the IRS

The following reconciles GAAP net income to taxable income as filed with the IRS for the years ended December 31, 2012 and 2011 (in thousands and unaudited):



	Year ended December 31,
	2012			2011
Net income	$	105,528		$	135,393
Net income attributable to noncontrolling interests	(3,402		)	(3,975		)
Book/tax differences:
Rental revenue recognition	11,607			(5,886		)
Depreciation and amortization	15,501			(3,705		)
Gains/losses from capital transactions	—			283
Share-based compensation	11,488			8,249
Interest expense	(8,068		)	(2,299		)
Sales of property	394			(24		)
Impairments	13,450			—
Other	2,268			4,124
Taxable income, before dividend deduction	148,766			132,160
Dividend deduction necessary to eliminate taxable income ⁽¹⁾	(148,766		)	(132,160		)
Estimated income subject to federal income tax	$	—		$	—


(1)	Total common stock and preferred stock dividend distributions paid were approximately $154.3 million and $135.2 million for the years ended December 31, 2012 and 2011, respectively.

Schedule of income tax treatment of distribution and dividends declared

The income tax treatment of distributions and dividends declared on our common stock, our Series C Preferred Stock, our Series D Convertible Preferred Stock, and our Series E Preferred Stock for the years ended December 31, 2013, 2012, and 2011 was as follows (unaudited):



	Common Stock									Series C Preferred Stock						Series D Convertible Preferred Stock									Series E Preferred Stock
	Year Ended December 31,
	2013			2012			2011			2012			2011			2013			2012			2011			2013			2012
Ordinary income	85.9		%	85.0		%	95.7		%	89.1		%	98.6		%	97.2		%	89.1		%	98.6		%	97.2		%	89.1		%
Return of capital	11.6			4.6			3.0			—			—			—			—			—			—			—
Capital gains	2.5			10.4			1.3			10.9			1.4			2.8			10.9			1.4			2.8			10.9
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%

Dividends declared	$	2.61		$	2.09		$	1.86		$	0.5234375		$	2.09375		$	1.75		$	1.75		$	1.75		$	1.6125		$	1.34375