Income Taxes and Distributions (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019		2018
Per share:
Ordinary dividend(1)	$	1.6389	$	2.6937	$	2.1988
Long-term capital gain/(loss)(2)	1.0611		0.7863		1.1153
Return of capital	—		—		0.1659
Totals	$	2.7000	$	3.4800	$	3.4800

(1) For the years ended December 31, 2020, 2019 and 2018, includes Section 199A dividends of $1.6389, $2.6937 and $2.1988 respectively.

(2) For the years ended December 31, 2020, 2019 and 2018, includes Unrecaptured SEC. 1250 Gains of $0.3458, $0.2835 and $0.3822, respectively.

Schedule of Provision for Income Tax Expense (Benefit)

Our consolidated provision for income tax expense (benefit) is as follows for the periods presented (in thousands):

	Year Ended December 31,
	2020		2019		2018
Current tax expense	$	11,358	$	12,594	$	15,850
Deferred tax benefit	(1,390)		(9,637)		(7,176)
Income tax expense (benefit)	$	9,968	$	2,957	$	8,674

Schedule of Reconciliation Income Tax Expense (Benefit)

A reconciliation of income taxes, which is computed by applying the federal corporate tax rate for the years ended December 31, 2020, 2019 and 2018, to the income tax expense/(benefit) is as follows for the periods presented (in thousands):

	Year Ended December 31,
	2020		2019		2018
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interests and income taxes	$	220,252	$	280,005	$	176,069
Increase (decrease) in valuation allowance(1)	85,881		3,465		28,309
Tax at statutory rate on earnings not subject to federal income taxes	(300,196)		(311,224)		(206,937)
Foreign permanent depreciation	1,504		9,260		8,110
Other differences	2,527		21,451		3,123
Totals	$	9,968	$	2,957	$	8,674

(1) Excluding purchase price accounting.

Summary of Tax Effects of Taxable and Deductible Temporary Differences

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,
	2020		2019		2018
Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets and the treatment of interests and certain costs	$	(24,085)	$	(13,064)	$	(2,533)
Operating loss and interest deduction carryforwards	196,634		127,525		98,713
Expense accruals and other	72,459		43,056		48,804
Valuation allowances	(244,938)		(159,057)		(155,592)
Net deferred tax assets (liabilities)	$	70	$	(1,540)	$	(10,608)

Schedule of Valuation Allowance Rollforward

The valuation allowance rollforward is summarized as follows for the periods presented (in thousands):

	Year Ended December 31,
	2020		2019		2018
Beginning balance	$	159,057	$	155,592	$	127,283
Expense (benefit)	85,881		3,465		28,309
Ending balance	$	244,938	$	159,057	$	155,592