Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of tax treatment of distributions per common share

During the years ended December 31, 2014, 2013 and 2012, our tax treatment of distributions per common share was as follows:

	2014		2013		2012
Tax treatment of distributions:
Ordinary income	$	2.61271	$	2.65787	$	2.23124
Qualified ordinary income	0.10474		0.03718		—
Long-term capital gain	0.16224		0.03995		0.18884
Unrecaptured Section 1250 gain	0.08531		—		0.05992
Distribution reported for 1099-DIV purposes	$	2.96500	$	2.73500	$	2.48000

Schedule of provision (benefit) for income taxes

Our consolidated benefit for income taxes for the years ended December 31, 2014, 2013 and 2012 was as follows:

	2014			2013			2012
	(In thousands)
Current - Federal and state	$	878		$	2,684		$	1,208
Deferred - Federal and state	(5,110		)	(14,256		)	(6,789		)
Current - Foreign	327			—			—
Deferred - Foreign	(4,827		)	(256		)	(701		)
Total	$	(8,732	)	$	(11,828	)	$	(6,282	)

Schedule of reconciliation of income tax expense

A reconciliation of income tax expense and benefit, which is computed by applying the federal corporate tax rate for the years ended December 31, 2014, 2013 and 2012, to the income tax benefit is as follows:

	2014			2013			2012
	(In thousands)
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes	$	156,981		$	167,947		$	99,174
State income taxes, net of federal benefit	(1,152		)	(1,857		)	(842		)
Increase in valuation allowance	23,122			7,145			33,577
Increase (decrease) in ASC 740 income tax liability	878			2,805			656
Tax at statutory rate on earnings not subject to federal income taxes	(185,290		)	(187,416		)	(138,687		)
Foreign rate differential and foreign taxes	3,230			—			—
Change in tax status of TRS	(7,380		)	—			—
Other differences	879			(452		)	(160		)
Income tax expense (benefit)	$	(8,732	)	$	(11,828	)	$	(6,282	)

Summary of tax effects of temporary differences and carryforwards included in the net deferred tax liabilities

The tax effects of temporary differences and carryforwards (in addition to the REIT carryforwards) included in the net deferred tax liabilities at December 31, 2014, 2013 and 2012 are summarized as follows:

	2014			2013			2012
	(In thousands)
Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs	$	(406,023	)	$	(309,775	)	$	(310,756	)
Operating loss and interest deduction carryforwards	398,859			377,645			366,590
Expense accruals and other	15,355			13,421			13,984
Valuation allowance	(352,528		)	(331,458		)	(326,837		)
Net deferred tax liabilities (1)	$	(344,337	)	$	(250,167	)	$	(257,019	)

(1) Includes approximately $0 million, $0 million and $2.7 million, respectively, of deferred tax assets included in other assets on our Consolidated Balance Sheets.

Summary of activity related to unrecognized tax benefits

The following table summarizes the activity related to our unrecognized tax benefits:

	2014			2013
	(In thousands)
Balance as of January 1	$	21,906		$	19,466
Additions to tax positions related to the current year	4,507			3,901
Additions to tax positions related to prior years	126			—
Subtractions to tax positions related to prior years	(129		)	(513		)
Subtractions to tax positions related to settlements	—			—
Subtractions to tax positions as a result of the lapse of the statute of limitations	(964		)	(948		)
Balance as of December 31	$	25,446		$	21,906

Rollforward of valuation allowances

A rollforward of valuation allowances, for the years ended December 31, 2014, 2013 and 2012, is as follows:

	2014			2013			2012
	(In thousands)
Beginning Balance	$	331,458		$	326,837		$	281,954
Additions:
Purchase accounting	—			613			3,987
Expenses	28,364			31,540			41,445
Subtractions:
Deductions	(2,344		)	(23,622		)	(3,611		)
Other activity (not resulting in expense or deduction)	(4,950		)	(3,910		)	3,062
Ending balance	$	352,528		$	331,458		$	326,837