Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Income Tax (Benefit) Expense

From our TRSs and our foreign operations, income tax (benefit) expense were as follows (in thousands):


	For the years ended December 31,
	2016			2015			2014
Current income tax expense:
Domestic	$	42		$	147		$	114
Foreign		1,856			1,614			225

		1,898			1,761			339
Deferred income tax (benefit) expense:
Domestic		147			(360	)		(23	)
Foreign		(8,875	)		102			24

		(8,728	)		(258	)		1

Income tax (benefit) expense	$	(6,830	)	$	1,503		$	340

Schedule of Deferred Tax Assets and Liabilities

At December 31, 2016 and 2015, components of our deferred tax assets and liabilities were as follows (in thousands):


	2016			2015
Deferred tax liabilities:
Property and equipment	$	(3,781	)	$	(1,636	)
Unbilled rent		(7,045	)		(4,495	)
Partnership investments		(5,103	)		(3,362	)
Other		(6,757	)		(6,141	)

Total deferred tax liabilities	$	(22,686	)	$	(15,634	)
Deferred tax assets:
Operating loss and interest deduction carry forwards	$	28,289		$	19,016
Other		10,085			10,314

Total deferred tax assets		38,374			29,330
Valuation allowance		(15,975	)		(23,005	)

Total net deferred tax assets	$	22,399		$	6,325

Net deferred tax (liability)	$	(287	)	$	(9,309	)

Summary of Reconciliation of the Income Tax (Benefit) 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 (benefit) 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, 2016, 2015, and 2014 is as follows (in thousands):


	2016			2015			2014
Income from continuing operations (before-tax)	$	219,108		$	141,430		$	51,138
Income tax at the US statutory federal rate (35%)		76,688			49,501			17,898
Increase (decrease) resulting from:
Rate differential		1,434			5,047			1,145
State income taxes, net of federal benefit		66			(601	)		(337	)
Dividends paid deduction		(84,927	)		(57,109	)		(27,873	)
Equity investments		4,297			—			—
Change in valuation allowance		(6,104	)		6,174			8,988
Other items, net		1,716			(1,509	)		519

Total income tax (benefit) expense	$	(6,830	)	$	1,503		$	340

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,
	2016		2015		2014
Common share distribution	$	0.900000	$	0.870000	$	0.840000
Ordinary income		0.619368		0.769535		0.520692
Capital gains(1)		0.102552		—		0.000276
Unrecaptured Sec. 1250 gain		0.045432		—		0.000276
Return of capital		0.178080		0.100465		0.319032

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