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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2013
Income Tax Disclosure [Abstract]  
Reconciliation of GAAP net loss to taxable income (loss)
The following reconciles GAAP net loss to taxable income (loss) for the years ending December 31, 2013, 2012 and 2011 (in thousands):
 
2013
 
2012
 
2011
 
Estimate
 
Actual
 
Actual
GAAP net loss
$
(19,650
)
 
$
(39,395
)
 
$
(126,903
)
Less:  Taxable REIT subsidiary GAAP net income (loss)
6,796

 
46,896

 
(9,248
)
GAAP net income (loss) from REIT operations (1)
(12,854
)
 
7,501

 
(136,151
)
GAAP to tax adjustments:
 

 
 

 
 

Depreciation and amortization
38,961

 
10,619

 
13,969

Gains and losses from capital transactions
(6,731
)
 
(115,065
)
 
53,699

Share-based compensation expense
5,699

 
431

 
1,341

Deferred compensation distributions
—

 
(226
)
 
(1,902
)
Amortization of mortgage loan discount
—

 
32

 
(335
)
Allowance for doubtful accounts
858

 
(480
)
 
(761
)
Vesting of restricted shares and dividends
(170
)
 
(674
)
 
(1,175
)
Deferred revenue
481

 
(329
)
 
(2,525
)
Capitalizable acquisition costs
12,985

 
2,119

 
11,213

Straight line rent
(1,702
)
 
(2,883
)
 
(2,169
)
Interest expense
—

 
(214
)
 
2,338

Nontaxable dividend income
(1,360
)
 
(3,707
)
 
(1,986
)
Other differences
(104
)
 
829

 
192

Taxable income (loss) before adjustments
36,063

 
(102,047
)
 
(64,252
)
Less:  NOL carry forward
—

 
—

 
—

Adjusted taxable income subject to 90% dividend requirement
$
36,063

 
$
—

 
$
—


(1)
GAAP net income (loss) from REIT operations is net of amounts attributable to noncontrolling interests.
Components of income tax expense (benefit)
The components of income tax benefit (expense) for the years ended December 31, 2013, 2012, and 2011 are as follows (in thousands):
 
Year Ended
 
December 31,
 
2013
 
2012
 
2011
Current:
Estimate
 
Actual
 
Actual
Federal
$
(488
)
 
$
(914
)
 
$
(420
)
State
(67
)
 
(202
)
 
(66
)
Total Current
(555
)
 
(1,116
)
 
(486
)
Deferred:
 

 
 

 
 

Federal
1,582

 
722

 
363

State
378

 
133

 
67

Total Deferred
1,960

 
855

 
430

Total income tax benefit (expense)
$
1,405

 
$
(261
)
 
$
(56
)
Reconciliation of income tax attributable to continuing operations
Consolidated income (loss) subject to tax consists of pretax income or loss of taxable REIT subsidiaries.  For the year ended December 31, 2013, the Company had consolidated losses subject to tax of $5.8 million and during the year ended December 31, 2012, the Company had consolidated losses subject to tax of $41.5 million.  The reconciliation of income tax attributable to continuing operations computed at the U.S. statutory rate to income tax benefit is shown below (in thousands):
 
2013
 
2012
 
Amount
 
Percentage
 
Amount
 
Percentage
Tax at U.S. statutory rates on consolidated income (loss) subject to tax
$
1,990

 
34.0
 %
 
$
(150
)
 
34.0
%
State income tax, net of federal tax benefit
185

 
3.2
 %
 
(40
)
 
9.0
%
Effect of permanent differences
(291
)
 
(5.0
)%
 
(37
)
 
8.5
%
Valuation Allowance
(479
)
 
(8.2
)%
 
—

 
—
%
Other
—

 
—
 %
 
(34
)
 
7.4
%
Total income tax benefit (expense)
$
1,405

 
24.0
 %
 
$
(261
)
 
58.9
%
Reconciliation of cash dividends paid to dividends paid deduction
The following reconciles cash dividends paid with the dividends paid deduction for the years ended December 31, 2013, 2012 and 2011 (in thousands):
 
2013
 
2012
 
2011
 
Estimated
 
Actual
 
Actual
Cash dividends paid
$
45,189

 
$
26,306

 
$
16,472

Less:  Dividends on deferred compensation plan shares
—

 
(3
)
 
(3
)
Less:  Dividends absorbed by current earnings and profits
(36,291
)
 
—

 
—

Less:  Return of capital
(8,898
)
 
(26,303
)
 
(16,469
)
Dividends paid deduction
$
—

 
$
—

 
$
—
Schedule of unrecognized tax benefits roll forward
A reconciliation of the Company’s unrecognized tax benefits as of December 31, 2013 and 2012 (in thousands):
 
December 31,
 
2013
 
2012
 
(In thousands)
Unrecognized Tax Benefits - Opening Balance
$
—

 
$
—

Gross increases - current period tax positions
7,999

 
—

Unrecognized Tax Benefits - Ending Balance
$
7,999

 
$
—
Distributions paid per common share
The following characterizes distributions paid per common share for the years ended December 31, 2013, 2012 and 2011:
 
2013
 
2012
 
2011
 
Amount
 
Percentage
 
Amount
 
Percentage
 
Amount
 
Percentage
Ordinary income
$
0.4425

 
69.0
%
 
$
0.0000

 
0.0
%
 
$
0.00

 
0.0
%
Unrecaptured Section 1250 gain
0.0831

 
13.0
%
 
0.0000

 
0.0
%
 
0.00

 
0.0
%
Return of capital
0.1119

 
18.0
%
 
0.3750

 
100.0
%
 
0.30

 
100.0
%
 
$
0.6375

 
100.0
%
 
$
0.3750

 
100.0
%
 
$
0.30

 
100.0
%