Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

The following table summarizes the tax status of dividends paid on our common shares during the years ended December 31, 2013, 2012, and 2011:



		2013	2012	2011
Dividend per share	$	1.85	1.85	1.85
Ordinary income		70%	71%	33%
Capital gain		6%	1%	1%
Return of capital		—%	28%	66%
Qualified dividend income		24%	—%	—%

Components of Income Tax Expense (Benefit)

Income tax expense consists of the following for the years ended December 31, 2013, 2012, and 2011 (in thousands):



		2013	2012	2011
Income tax expense (benefit):
Current	$	—	97	283
Deferred		—	13,727	2,422
Total income tax expense (benefit)	$	—	13,824	2,705

Schedule of Income Tax Expense (Benefit), Intraperiod Tax Allocation

Income tax expense (benefit) is included in either income tax expense (benefit) of taxable REIT subsidiaries, if the related income is from continuing operations, or is included in operating income from discontinued operations, if from discontinued operations, on the Consolidated Statements of Operations for the years ended December 31, 2013, 2012, and 2011 as follows (in thousands):



		2013	2012	2011
Income tax expense (benefit) from:
Continuing operations	$	—	13,224	2,994
Discontinued operations		—	600	(289	)
Total income tax expense (benefit)	$	—	13,824	2,705

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense (benefit) differed from the amounts computed by applying the U.S. Federal income tax rate of 34% to pretax income from continuing operations of RRG for the years ended December 31, 2013, 2012, and 2011 as follows (in thousands):



		2013		2012		2011
Computed expected tax expense (benefit)	$	1,677		(2,099	)	1,089
Increase (decrease) in income tax resulting from state taxes		98		(122	)	126
Valuation allowance		(1,511	)	15,635		1,438
All other items		(264	)	410		52
Total income tax expense		—		13,824		2,705
Amounts attributable to discontinued operations		—		600		(289	)
Amounts attributable to continuing operations	$	—		13,224		2,994

Schedule of Deferred Tax Assets and Liabilities

The following table represents the Company's net deferred tax assets recorded in other assets in the accompanying Consolidated Balance Sheets as of December 31, 2013 and 2012 (in thousands):



		2013		2012
Deferred tax assets
Investments in real estate partnerships	$	8,314		8,116
Provision for impairment		3,273		5,667
Deferred interest expense		4,295		4,507
Capitalized costs under Section 263A		2,184		2,637
Net operating loss carryforward		2,019		1,033
Employee benefits		488		838
Other		887		435
Deferred tax assets		21,460		23,233
Valuation allowance		(20,603	)	(22,114	)
Deferred tax assets, net		857		1,119
Deferred tax liabilities
Straight line rent		537		519
Depreciation		320		600
Deferred tax liabilities		857		1,119
Net deferred tax assets	$	—		—