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Income Taxes and Distributions (Tables)
 12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [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 for the periods presented:
 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
Per share:
 
 
 
 
 
 
Ordinary dividend(1)
 
$
2.1988

 
$
1.8117

 
$
2.5067

Long-term capital gain/(loss)(2)
 
1.1153

 
1.5755

 
0.8760

Return of capital
 
0.1659

 
0.0928

 
0.0573

Totals
 
$
3.4800

 
$
3.4800

 
$
3.4400
Schedule of provision (benefit) for income taxes Our consolidated provision for income tax expense (benefit) is as follows for the periods presented (in thousands):
 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
Current
 
$
15,850

 
$
7,633

 
$
14,944

Deferred
 
(7,176
)
 
12,495

 
(34,072
)
Totals
 
$
8,674

 
$
20,128

 
$
(19,128
)
Schedule of reconciliation of income tax expense A reconciliation of income taxes, which is computed by applying the federal corporate tax rate for the years ended December 31, 2018, 2017 and 2016, to the income tax expense/(benefit) is as follows for the periods presented (in thousands):
 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interests and income taxes
 
$
176,069

 
$
199,588

 
$
372,030

Increase (decrease) in valuation allowance(1)
 
28,309

 
30,445

 
(2,128
)
Tax at statutory rate on earnings not subject to federal income taxes
 
(206,937
)
 
(234,468
)
 
(399,571
)
Foreign permanent depreciation
 
8,110

 
10,065

 
9,205

Other differences
 
3,123

 
14,498

 
1,336

Totals
 
$
8,674

 
$
20,128

 
$
(19,128
)
(1) Excluding purchase price accounting.
Summary of tax effects of temporary differences and carryforwards included in the net deferred tax liabilities The tax effects of taxable and deductible temporary differences, as well as tax asset/(liability) attributes, are summarized as follows for the periods presented (in thousands):
 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets and the treatment of interests and certain costs
 
$
(2,533
)
 
$
(11,812
)
 
$
(7,089
)
Operating loss and interest deduction carryforwards
 
98,713

 
94,654

 
82,469

Expense accruals and other
 
48,804

 
25,146

 
15,978

Valuation allowance
 
(155,592
)
 
(127,283
)
 
(96,838
)
Net deferred tax assets (liabilities)
 
$
(10,608
)
 
$
(19,295
)
 
$
(5,480
)
Schedule of Valuation Allowance Rollforward The valuation allowance rollforward is summarized as follows for the periods presented (in thousands):
 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
Beginning balance
 
$
127,283

 
$
96,838

 
$
98,966

Expense (benefit)
 
28,309

 
30,445

 
(2,128
)
Ending balance
 
$
155,592

 
$
127,283

 
$
96,838