Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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 ended December 31, 2019, 2018 and 2017:



	2019				2018				2017
	Amount		%		Amount		%		Amount		%
Common Shares:
Ordinary non-qualified income	$	0.5609	30.03	%	$	1.2040	77.57	%	$	1.3611	95.41	%
Qualified dividend	0.0069		0.37	%	0.3482		22.43	%	0.0256		1.79	%
Capital gain	1.3000		69.60	%	—		—	%	—		—	%
Return of capital	—		—	%	—		—	%	0.0399		2.80	%
Total	$	1.8678	100.00	%	$	1.5522	100.00	%	$	1.4266	100.00	%

Series C Preferred Shares:
Ordinary non-qualified income	$	0.6100	30.03	%	$	1.2605	77.57	%	$	1.1969	98.20	%
Qualified dividend	0.0075		0.37	%	0.3645		22.43	%	0.0219		1.80	%
Capital gain	1.4138		69.60	%	—		—	%	—		—	%
Return of capital	—		—	%	—		—	%	—		—	%
Total	$	2.0313	100.00	%	$	1.6250	100.00	%	$	1.2188	100.00	%

Series D Preferred Shares:
Ordinary non-qualified income	$	0.5982	30.03	%	$	1.2363	77.57	%	$	1.1739	98.21	%
Qualified dividend	0.0074		0.37	%	0.3575		22.43	%	0.0214		1.79	%
Capital gain	1.3866		69.60	%	—		—	%	—		—	%
Return of capital	—		—	%	—		—	%	—		—	%
Total	$	1.9922	100.00	%	$	1.5938	100.00	%	$	1.1953	100.00	%

Series E Preferred Shares: ⁽¹⁾
Ordinary non-qualified income	$	0.5982	30.03	%	$	—	—	%	$	—	—	%
Qualified dividend	0.0074		0.37	%	—		—	%	—		—	%
Capital gain	1.3866		69.60	%	—		—	%	—		—	%
Return of capital	—		—	%	—		—	%	—		—	%
Total	$	1.9922	100.00	%	$	—	—	%	$	—	—	%

Series F Preferred Shares: ⁽¹⁾
Ordinary non-qualified income	$	0.5912	30.03	%	$	—	—	%	$	—	—	%
Qualified dividend	0.0073		0.37	%	—		—	%	—		—	%
Capital gain	1.3703		69.60	%	—		—	%	—		—	%
Return of capital	—		—	%	—		—	%	—		—	%
Total	$	1.9688	100.00	%	$	—	—	%	$	—	—	%

⁽¹⁾ Issued upon completion of the Company's merger with LaSalle on November 30, 2018.

Components of Income Tax Expense

The Company's provision (benefit) for income taxes consists of the following (in thousands):



	For the year ended December 31,
	2019			2018			2017
Federal
Current	$	3,061		$	1,696		$	4
Deferred	(106		)	(248		)	(89		)
State and local
Current	3,938			360			42
Deferred	(1,721		)	(66		)	224
Income tax expense (benefit)	$	5,172		$	1,742		$	181

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) is as follows (in thousands):



	For the year ended December 31,
	2019			2018			2017
Statutory federal tax expense (benefit)	$	25,388		$	3,177		$	35,155
State income tax expense (benefit), net of federal tax expense (benefit)	943			300			264
REIT income not subject to tax	(21,522		)	(1,828		)	(35,573		)
Other	363			93			335
Income tax expense (benefit)	$	5,172		$	1,742		$	181