Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Income Tax Expense (Benefit)

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


	For the years ended December 31,
	2017			2016			2015
Current income tax (benefit) expense:
Domestic	$	(41	)	$	42		$	147
Foreign		3,062			1,856			1,614

		3,021			1,898			1,761
Deferred income tax (benefit) expense:
Domestic		(233	)		147			(360	)
Foreign		(107	)		(8,875	)		102

		(340	)		(8,728	)		(258	)

Income tax expense (benefit)	$	2,681		$	(6,830	)	$	1,503

Summary of Reconciliation of the Income Tax Expense (Benefit) 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 (benefit) 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, 2017, 2016, and 2015 is as follows (in thousands):


	2017			2016			2015
Income from continuing operations (before-tax)	$	293,919		$	219,108		$	141,430
Income tax at the US statutory federal rate (35%)		102,872			76,688			49,501
Increase (decrease) resulting from:
Foreign rate differential		(2,326	)		1,434			5,047
State income taxes, net of federal benefit		—			66			(601	)
Dividends paid deduction		(98,026	)		(84,927	)		(57,109	)
Equity investments		3,293			4,297			—
Change in valuation allowance		(5,391	)		(6,104	)		6,174
Other items, net		2,259			1,716			(1,509	)

Total income tax expense (benefit)	$	2,681		$	(6,830	)	$	1,503

Schedule of Deferred Tax Assets and Liabilities

At December 31, 2017 and 2016, components of our deferred tax assets and liabilities were as follows (in thousands):


	2017			2016
Deferred tax liabilities:
Property and equipment	$	(4,336	)	$	(3,781	)
Unbilled rent		(8,953	)		(7,045	)
Partnership investments		(2,099	)		(5,103	)
Other		(6,702	)		(6,757	)

Total deferred tax liabilities	$	(22,090	)	$	(22,686	)
Deferred tax assets:
Operating loss and interest deduction carry forwards	$	24,580		$	28,289
Other		8,726			10,085

Total deferred tax assets		33,306			38,374
Valuation allowance		(11,101	)		(15,975	)

Total net deferred tax assets	$	22,205		$	22,399

Net deferred tax asset (liability)	$	115		$	(287	)

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,
	2017		2016		2015
Common share distribution	$	0.950000	$	0.900000	$	0.870000
Ordinary income		0.655535		0.619368		0.769535
Capital gains(1)		0.021022		0.102552		—
Unrecaptured Sec. 1250 gain		0.004647		0.045432		—
Return of capital		0.273443		0.178080		0.100465

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