Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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 and preferred share on a tax basis for the years endedDecember 31, 2016, 2015 and 2014:

	2016				2015				2014
	Amount		%		Amount		%		Amount		%
Common Shares:
Ordinary non-qualified income	$	1.3794	95.14	%	$	1.1715	98.21	%	$	0.9108	100.00	%
Qualified dividend	0.0704		4.86	%	0.0213		1.79	%	—		—	%
Capital gain	—		—	%	—		—	%	—		—	%
Return of capital	—		—	%	—		—	%	—		—	%
Total	$	1.4498	100.00	%	$	1.1928	100.00	%	$	0.9108	100.00	%
Series A Preferred Shares:
Ordinary non-qualified income	$	0.2914	95.14	%	$	1.9336	98.21	%	$	2.3948	100.00	%
Qualified dividend	0.0149		4.86	%	0.0352		1.79	%	—		—	%
Capital gain	—		—	%	—		—	%	—		—	%
Return of capital	—		—	%	—		—	%	—		—	%
Total	$	0.3063	100.00	%	$	1.9688	100.00	%	$	2.3948	100.00	%
Series B Preferred Shares:
Ordinary non-qualified income	$	1.3109	95.14	%	$	1.9643	98.21	%	$	2.4328	100.00	%
Qualified dividend	0.0669		4.86	%	0.0357		1.79	%	—		—	%
Capital gain	—		—	%	—		—	%	—		—	%
Return of capital	—		—	%	—		—	%	—		—	%
Total	$	1.3778	100.00	%	$	2.0000	100.00	%	$	2.4328	100.00	%
Series C Preferred Shares:
Ordinary non-qualified income	$	1.5461	95.14	%	$	1.5960	98.22	%	$	1.9767	100.00	%
Qualified dividend	0.0789		4.86	%	0.0290		1.78	%	—		—	%
Capital gain	—		—	%	—		—	%	—		—	%
Return of capital	—		—	%	—		—	%	—		—	%
Total	$	1.6250	100.00	%	$	1.6250	100.00	%	$	1.9767	100.00	%
Series D Preferred Shares:
Ordinary non-qualified income	$	0.9099	95.15	%	$	—	—	%	$	—	—	%
Qualified dividend	0.0464		4.85	%	—		—	%	—		—	%
Capital gain	—		—	%	—		—	%	—		—	%
Return of capital	—		—	%	—		—	%	—		—	%
Total	$	0.9563	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,
	2016			2015			2014
Federal
Current	$	(27	)	$	1,389		$	2,121
Deferred	(353		)	55			317
State and local
Current	93			287			555
Deferred	(171		)	(72		)	25
Income tax expense (benefit)	$	(458	)	$	1,659		$	3,018

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,
	2016			2015		2014
Statutory federal tax expense (benefit)	$	(618	)	$	1,367	$	2,561
State income tax expense (benefit), net of federal tax (benefit) expense	(110		)	111		457
Other	270			181		—
Income tax expense (benefit)	$	(458	)	$	1,659	$	3,018