Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Components of Distributions Made to Common Stockholders on a Per Share Basis

The following table details the components of the distributions, on a per share basis, for the years ended December 31, 2017, 2016 and 2015 are as follows:



	2017				2016 (1)				2015 (1)
Ordinary income	$	1.98	69.0	%	$	0.94	20.8	%	$	1.20	24.8	%
Capital gains	0.51		17.8	%	3.24		71.4	%	3.64		75.2	%
Unrecaptured Section 1250 gain	0.38		13.2	%	0.36		7.8	%	—		—	%
Return of capital	—		—	%	—		—	%	—		—	%
Dividends paid	$	2.87	100.0	%	$	4.54	100.0	%	$	4.84	100.0	%

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(1)

During the year ended December 31, 2015, the Company paid cash dividends of $4.63 per common share. In addition, the Company declared a $2.00 special cash dividend to shareholders of record as of November 12, 2015 which was paid on January 6, 2016 (See Note 13—Stockholders' Equity). Pursuant to relevant U.S. tax rules, $0.21 per common share of this dividend is treated as having been paid by the Company on December 31, 2015, and received by each shareholder of record as of November 12, 2015 on December 31, 2015. The balance of the special cash dividend has been included in the amount of dividends paid for the year ended December 31, 2016.

Schedule of Income Tax Provision of TRSs

The income tax provision of the TRSs for the years ended December 31, 2017, 2016 and 2015 are as follows:



	2017			2016			2015
Current	$	185		$	(176	)	$	—
Deferred	(15,779		)	(546		)	3,223
Income tax (expense) benefit	$	(15,594	)	$	(722	)	$	3,223

Reconciliation of Income Tax Provision of the TRSs to the Amount Computed by Applying the Federal Corporate Tax Rate

The income tax provision of the TRSs for the years ended December 31, 2017, 2016 and 2015 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:



	2017			2016			2015
Book loss for TRSs	$	2,094		$	5,254		$	10,681
Tax at statutory rate on earnings from continuing operations before income taxes	$	712		$	1,786		$	3,632
Change in tax rates	(14,189		)	—			—
State taxes	109			160			420
Other	(2,226		)	(2,668		)	(829		)
Income tax (expense) benefit	$	(15,594	)	$	(722	)	$	3,223

Schedule of Tax Effects of Temporary Differences and Carryforwards of the TRSs Included in Net Deferred Tax Assets

The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2017 and 2016 are summarized as follows:



	2017		2016
Net operating loss carryforwards	$	21,398	$	22,335
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	5,077		12,720
Other	2,531		3,246
Net deferred tax assets	$	29,006	$	38,301