Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

From our taxable REIT subsidiaries and our foreign operations (which realized a $7.5 million loss before income taxes in 2014 primarily due to the real estate transfer taxes), we incurred income tax expenses as follows (in thousands):

	For the years ended December 31,
	2014			2013		2012
Current income tax (benefit) expense:
Domestic	$	114		$	358	$	(44	)
Foreign		225			158		—
		339			516		(44	)
Deferred income tax (benefit) expense
Domestic		(23	)		210		63
Foreign		24			—		—
		1			210		63
Income tax (benefit) expense	$	340		$	726	$	19

Schedule of Deferred Tax Assets and Liablities

At December 31, 2014 and 2013, components of our deferred tax assets and liabilities were as follows (in thousands):

	2014			2013
Deferred tax liabilities:
Property and equipment	$	—		$	(2,560	)
Unbilled rent		(2,070	)		(610	)
Partnership investments		(3,468	)		—
Other		(3,759	)		(2,313	)
Total deferred tax liabilities	$	(9,297	)	$	(5,483	)
Deferred tax assets:
Loan loss and other reserves	$	—		$	7751
Operating loss and interest deduction carry forwards		19,546			2,283
Property and equipment		2,373			—
Partnership investments		—			805
Other		3,971			2,256
Total deferred tax assets		25,890			13,095
Valuation allowance		(16,831	)		(7,843	)
Total net deferred tax assets	$	9,059		$	5,252
Net deferred tax (liability)	$	(238	)	$	(231	)

Summary of Reconciliation of the Income Tax Expense at the Statutory Income Tax Rate and the Effective Tax Rate for Income from Continuing Operations before Income Taxes

A reconciliation of the income tax expense at the statutory income tax rate and the effective tax rate for income from continuing operations before income taxes for the years ended December 31, 2014, 2013, and 2012 is as follows (in thousands):

	2014			2013			2012
Income from continuing operations (before-tax)	$	51,138		$	90,027		$	72,889
Income tax at the US statutory federal rate (35%)		17,898			31,509			25,511
Rate differential		1,145			2,380			—
State income taxes, net of federal benefit		(337	)		271			(8	)
Dividends paid deduction		(27,873	)		(33,345	)		(25,454	)
Change in valuation allowance		8.988			(697	)		—
Other items, net		519			608			(30	)
Total income tax expense	$	340		$	726		$	19

Schedule of Per Share Distributions to Stockholders

A schedule of per share distributions we paid and reported to our stockholders is set forth in the following:

	For the Years Ended December 31,
	2014		2013		2012
Common share distribution	$	0.840000	$	0.800000	$	0.800000
Ordinary income		0.520692		0.599384		0.601216
Capital gains(1)		0.000276		0.046380		0.117584
Unrecaptured Sec. 1250 gain		0.000276		0.026512		0.086976
Return of capital		0.319032		0.154236		0.081200
Allocable to next year		—		—		—

(1) Capital gains include unrecaptured Sec. 1250 gains.