Income Taxes:

For income tax purposes, distributions paid to common stockholders consist of ordinary income, capital gains, unrecaptured Section 1250 gain and return of capital or a combination thereof. The following table details the components of the distributions, on a per share basis, for the years ended December 31:



	2014				2013				2012
Ordinary income	$	1.92	76.5	%	$	1.02	43.3	%	$	0.74	33.2	%
Capital gains	0.16		6.4	%	1.24		52.5	%	1.13		50.7	%
Unrecaptured Section 1250 gain	0.05		2.0	%	0.10		4.2	%	0.36		16.1	%
Return of capital	0.38		15.1	%	—		—	%	—		—	%
Dividends paid	$	2.51	100.0	%	$	2.36	100.0	%	$	2.23	100.0	%

The Company has made Taxable REIT Subsidiary elections for all of its corporate subsidiaries other than its Qualified REIT Subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years, were made pursuant to Section 856(l) of the Code.

The income tax benefit (expense) of the TRSs for the years ended December 31, 2014, 2013 and 2012 are as follows:



	2014		2013			2012
Current	$	—	$	(142	)	$	—
Deferred	4,269		1,834			4,159
Income tax benefit	$	4,269	$	1,692		$	4,159

Income tax benefit of the TRSs for the years ended December 31, 2014, 2013 and 2012 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:



	2014		2013			2012
Book loss for TRSs	$	10,785	$	11,709		$	16,154
Tax at statutory rate on earnings from continuing operations before income taxes	$	3,667	$	3,981		$	5,493
Other	602		(2,289		)	(1,334		)
Income tax benefit	$	4,269	$	1,692		$	4,159

The net operating loss carryforwards are currently scheduled to expire through 2034, beginning in 2024. Net deferred tax assets of $35,625 and $31,356 were included in deferred charges and other assets, net at December 31, 2014 and 2013, respectively. The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2014 and 2013 are summarized as follows:



	2014		2013
Net operating loss carryforwards	$	24,698	$	26,394
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	8,201		3,673
Other	2,726		1,289
Net deferred tax assets	$	35,625	$	31,356

For the years ended December 31, 2014, 2013 and 2012 there were no unrecognized tax benefits.

The tax years 2010 through 2014 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next 12 months.