Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of tax treatment of distributions per common share

During the years ended December 31, 2015, 2014 and 2013, our tax treatment of distributions per common share was as follows:



	2015		2014		2013
Tax treatment of distributions:
Ordinary income	$	3.02368	$	2.61271	$	2.65787
Qualified ordinary income	0.01632		0.10474		0.03718
Long-term capital gain	—		0.16224		0.03995
Unrecaptured Section 1250 gain	—		0.08531		—
Distribution reported for 1099-DIV purposes	$	3.04000	$	2.96500	$	2.73500

Schedule of provision (benefit) for income taxes

Our consolidated benefit for income taxes for the years ended December 31, 2015, 2014 and 2013 was as follows:



	2015			2014			2013
	(In thousands)
Current - Federal	$	138		$	878		$	3,145
Current - State	1,453			—			(461		)
Deferred - Federal	(25,962		)	(3,338		)	(11,860		)
Deferred - State	(3,054		)	(1,772		)	(2,396		)
Current - Foreign	953			327			—
Deferred - Foreign	(12,812		)	(4,827		)	(256		)
Total	$	(39,284	)	$	(8,732	)	$	(11,828	)

Schedule of reconciliation of income tax expense

A reconciliation of income tax expense and benefit, which is computed by applying the federal corporate tax rate for the years ended December 31, 2015, 2014 and 2013, to the income tax benefit is as follows:



	2015			2014			2013
	(In thousands)
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes	$	123,086		$	122,746		$	127,463
State income taxes, net of federal benefit	(657		)	(1,152		)	(1,857		)
Increase in valuation allowance	20,978			23,122			7,145
Increase (decrease) in ASC 740 income tax liability	(462		)	878			2,805
Tax at statutory rate on earnings not subject to federal income taxes	(185,648		)	(151,055		)	(146,932		)
Foreign rate differential and foreign taxes	3,095			3,230			—
Change in tax status of TRS	—			(7,380		)	—
Other differences	324			879			(452		)
Income tax expense (benefit)	$	(39,284	)	$	(8,732	)	$	(11,828	)

Summary of tax effects of temporary differences and carryforwards included in the net deferred tax liabilities

The tax effects of temporary differences and carryforwards (in addition to the REIT carryforwards) included in the net deferred tax liabilities at December 31, 2015, 2014 and 2013 are summarized as follows:



	2015			2014			2013
	(In thousands)
Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs	$	(413,566	)	$	(406,023	)	$	(309,775	)
Operating loss and interest deduction carryforwards	564,091			398,859			377,645
Expense accruals and other	14,624			15,355			13,421
Valuation allowance	(503,531		)	(352,528		)	(331,458		)
Net deferred tax liabilities	$	(338,382	)	$	(344,337	)	$	(250,167	)

Rollforward of valuation allowances

A rollforward of valuation allowances, for the years ended December 31, 2015, 2014 and 2013, is as follows:



	2015			2014			2013
	(In thousands)
Beginning Balance	$	352,528		$	331,458		$	326,837
Additions:
Purchase accounting	172,932			—			613
Expenses	24,332			28,364			31,540
Subtractions:
Deductions	(42,437		)	(2,344		)	(23,622		)
Other activity (not resulting in expense or deduction)	(3,824		)	(4,950		)	(3,910		)
Ending balance	$	503,531		$	352,528		$	331,458

Summary of activity related to unrecognized tax benefits

As a result of our uncertainty regarding the use of existing REIT NOLs, we have not as