Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule Of Distributions Paid Per Common Share Of Beneficial Interest And Preferred Shares On A Tax Basis

The following characterizes distributions paid per common share of beneficial interest and preferred share on a tax basis for the years endedDecember 31, 2015, 2014 and 2013:

	2015				2014				2013
	Amount		%		Amount		%		Amount		%
Common Shares:
Ordinary income	$	1.1715	98.21	%	$	0.9108	100.00	%	$	0.6000	100.00	%
Qualified dividend	0.0213		1.79	%	—		—	%	—		—	%
Capital gain	—		—	%	—		—	%	—		—	%
Return of capital	—		—	%	—		—	%	—		—	%
Total	$	1.1928	100.00	%	$	0.9108	100.00	%	$	0.6000	100.00	%
Series A Preferred Shares:
Ordinary income	$	1.9336	98.21	%	$	2.3948	100.00	%	$	2.0349	100.00	%
Qualified dividend	0.0352		1.79	%	—		—	%	—		—	%
Capital gain	—		—	%	—		—	%	—		—	%
Return of capital	—		—	%	—		—	%	—		—	%
Total	$	1.9688	100.00	%	$	2.3948	100.00	%	$	2.0349	100.00	%
Series B Preferred Shares:
Ordinary income	$	1.9643	98.21	%	$	2.4328	100.00	%	$	2.0672	100.00	%
Qualified dividend	0.0357		1.79	%	—		—	%	—		—	%
Capital gain	—		—	%	—		—	%	—		—	%
Return of capital	—		—	%	—		—	%	—		—	%
Total	$	2.0000	100.00	%	$	2.4328	100.00	%	$	2.0672	100.00	%
Series C Preferred Shares:
Ordinary income	$	1.5960	98.22	%	$	1.9767	100.00	%	$	0.9890	100.00	%
Qualified dividend	0.0290		1.78	%	—		—	%	—		—	%
Capital gain	—		—	%	—		—	%	—		—	%
Return of capital	—		—	%	—		—	%	—		—	%
Total	$	1.6250	100.00	%	$	1.9767	100.00	%	$	0.9890	100.00	%

Components of Income Tax Expense

The Company's TRS, PHL, is subject to federal and state corporate income taxes at statutory tax rates. The Company's provision (benefit) for income taxes for PHL consists of the following (in thousands):

	For the year ended December 31,
	2015			2014		2013
Federal
Current	$	1,389		$	2,121	$	718
Deferred	55			317		—
State and local
Current	287			555		313
Deferred	(72		)	25		—
Income tax expense (benefit)	$	1,659		$	3,018	$	1,031

Reconciliation of Statutory Federal Tax Expense to Company's Income Tax Expense

A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) for PHL is as follows (in thousands):

	For the year ended December 31,
	2015		2014		2013
Statutory federal tax expense (benefit)	$	1,367	$	2,561	$	718
State income tax expense (benefit), net of federal tax (benefit) expense	111		457		313
Other	181		—		—
Income tax expense (benefit)	$	1,659	$	3,018	$	1,031