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Income Taxes and Distributions (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes and Distributions (Tables) [Abstract]

Cash distributions paid to common stockholders, for federal income tax purposes

Cash distributions paid to common stockholders, for federal income tax purposes, are as follows


			Year Ended December 31,
			2013		2012		2011
Per Share:
	Ordinary income	$	1.4928	$	1.5000	$	1.1472
	Return of capital		1.4176		1.3376		1.4227
	Long-term capital gains		0.0448		0.1176		0.1059
	Unrecaptured section 1250 gains		0.1048		0.0048		0.1592
	Totals	$	3.0600	$	2.9600	$	2.8350

Schedule of provision (benefit) for income taxes


		Year Ended December 31,
		2013		2012		2011
Current	$	12,389	$	4,785	$	389
Deferred		(4,898)		2,827		999
Totals	$	7,491	$	7,612	$	1,388

Schedule of reconciliation of income tax expense


		Year Ended December 31,
		2013		2012		2011
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interests and income taxes	$	51,020	$	64,979	$	54,750
Increase / (decrease) in valuation allowance⁽¹⁾		18,444		9,234		(4,732)
Tax at statutory rate on earnings not subject to federal income taxes		(88,762)		(72,640)		(48,630)
Foreign permanent depreciation		22,313		-		-
Other differences		4,476		6,039		-
Totals	$	7,491	$	7,612	$	1,388


(1) Excluding purchase price accounting.

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


		Year Ended December 31,
		2013		2012		2011
Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets and the treatment of interests and certain costs	$	(34,236)	$	(2,144)	$	(1,577)
Operating loss and interest deduction carryforwards		67,215		8,552		1,488
Expense accruals and other		19,309		4,372		5,749
Valuation allowance		(71,955)		(12,199)		(2,965)
Totals	$	(19,667)	$	(1,419)	$	2,695

Schedule of Valuation Allowance Rollforward


		Year Ended December 31,
		2013		2012		2011
Beginning balance	$	12,199	$	2,965	$	7,697
Additions:
Purchase price accounting		41,312		-		-
Expense		18,444		9,234		-
Deductions		-		-		(4,732)
Ending balance	$	71,955	$	12,199	$	2,965

Unrecognized Tax Benefits Summary of activity related to unrecognized tax benefits


		Year Ended December 31,
		2013		2012
Gross unrecognized tax benefits at beginning of year	$	6,098	$	6,098
Increases (decreases) in unrecognized tax benefits related to a prior year		76		(248)
Increases (decreases) in unrecognized tax benefits related to the current year		260		394
Lapse in statute of limitations for assessment		(21)		(146)
Gross unrecognized tax benefits at end of year	$	6,413	$	6,098

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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