Income Taxes

9 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and are generally not subject to federal and state income taxes provided we distribute a sufficient amount of our taxable income to our shareholders and meet other requirements for qualifying as a REIT.  Federal income tax expense for the nine months ended September 30, 2015 relates to taxes incurred as a result of a taxable built-in gain triggered by the sale of a property that was previously owned by a C corporation. We are also subject to certain state, local and Australian taxes without regard to our REIT status. 

Our provision for income taxes consists of the following (in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2015			2014		2015			2014
Current:
State	$	90		$	39	$	270		$	300
Federal	—			—		525			—
Foreign	(67		)	664		2,337			1,866
	23			703		3,132			2,166
Deferred:
Foreign	—			—		(755		)	—
	—			—		(755		)	—
Income tax expense	$	23		$	703	$	2,377		$	2,166