Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of taxable distributions paid per common share

Taxable distributions paid per common share were taxable as follows for the years ended December 31, 2014, 2013, and 2012:



	Year Ended December 31,
	2014		2013		2012
Ordinary income	$	0.695	$	0.744	$	0.174
Qualified ordinary income	0.139		—		—
Long-term capital gain	0.105		0.114		0.186
Unrecaptured section 1250 gain	0.076		0.067		0.515
Total	$	1.015	$	0.925	$	0.875

Schedule of components of the provision for income taxes

The components of the provision for income taxes are as follows for the years ended December 31, 2014, 2013, and 2012 (dollars in thousands):



	Year Ended December 31,
	2014			2013			2012
Income tax (benefit)/expense
Current
Federal	$	147		$	(1,030	)	$	1,961
State	550			846			1,463
Total current	697			(184		)	3,424
Deferred
Federal	20,138			(6,907		)	(21,479		)
State	5,159			(1,190		)	(3,021		)
Total deferred	25,297			(8,097		)	(24,500		)
Total income tax (benefit)/expense	$	25,994		$	(8,281	)	$	(21,076	)
Classification of income tax (benefit)/expense
Continuing operations	$	(15,098	)	$	(7,299	)	$	(30,717	)
Gain/(loss) on sale of real estate owned	41,087			—			—
Discontinued operations	5			(982		)	9,641

Schedule of components of TRS deferred tax assets and liabilities

The components of our TRS deferred tax assets and liabilities are as follows for the years ended December 31, 2014, 2013, and 2012 (dollars in thousands):



	Year Ended December 31,
	2014			2013			2012
Deferred tax assets:
Federal and state tax attributes	$	—		$	13,069		$	1,464
Book/tax depreciation	6,692			19,354			12,345
Construction capitalization differences	75			—			6,635
Investment in partnerships	—			—			3,112
Debt and interest deductions	—			10,311			—
Other	401			—			2,009
Total deferred tax assets	7,168			42,734			25,565
Valuation allowance	—			(1,310		)	(1,390		)
Net deferred tax assets	7,168			41,424			24,175
Deferred tax liabilities:
Construction capitalization differences	—			(3,766		)	—
Investment in partnerships	—			(5,080		)	—
Other	(192		)	(305		)	—
Total deferred tax liabilities	(192		)	(9,151		)	—
Net deferred tax asset	$	6,976		$	32,273		$	24,175

Schedule of effective income tax rate reconciliation

Income tax benefit/(expense), net differed from the amounts computed by applying the U.S. statutory rate of 35% to pretax income/(loss) for the years ended December 31, 2014, 2013, and 2012 as follows (dollars in thousands):



	Year Ended December 31,
	2014			2013			2012
Income tax (benefit)/expense
U.S. federal income tax (benefit)/expense	$	28,819		$	(8,493	)	$	21,853
State income tax provision	2,678			46			2,497
Other items	(137		)	246			(1,682		)
Conversion of certain TRS entities to REITs	(5,770		)	—			—
Valuation allowance	404			(80		)	(43,744		)
Total income tax (benefit)/expense	$	25,994		$	(8,281	)	$	(21,076	)