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Income Taxes and Distributions (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes and Distributions (Tables) [Abstract]

Cash distributions paid to common stockholders, for federal income tax purposes

Cash distributions paid to common stockholders, for federal income tax purposes, are as follows


			Year Ended December 31,
			2014		2013		2012
Per Share:
	Ordinary income	$	1.7861	$	1.4928	$	1.5000
	Return of capital		0.8368		1.4176		1.3376
	Long-term capital gains		0.1638		0.0448		0.1176
	Unrecaptured section 1250 gains		0.3933		0.1048		0.0048
	Totals	$	3.1800	$	3.0600	$	2.9600

Schedule of provision (benefit) for income taxes


		Year Ended December 31,
		2014		2013		2012
Current	$	2,672	$	12,389	$	4,785
Deferred		(3,939)		(4,898)		2,827
Totals	$	(1,267)	$	7,491	$	7,612

Schedule of reconciliation of income tax expense


		Year Ended December 31,
		2014		2013		2012
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interests and income taxes	$	178,862	$	51,020	$	64,979
Increase / (decrease) in valuation allowance⁽¹⁾		9,133		18,444		9,234
Tax at statutory rate on earnings not subject to federal income taxes		(189,070)		(88,762)		(72,640)
Foreign permanent depreciation		4,383		22,313		-
Other differences		(4,575)		4,476		6,039
Totals	$	(1,267)	$	7,491	$	7,612


(1) Excluding purchase price accounting.

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


		Year Ended December 31,
		2014		2013		2012
Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets and the treatment of interests and certain costs	$	(1,020)	$	(34,236)	$	(2,144)
Operating loss and interest deduction carryforwards		47,528		67,215		8,552
Expense accruals and other		26,191		19,309		4,372
Valuation allowance		(85,207)		(71,955)		(12,199)
Totals	$	(12,508)	$	(19,667)	$	(1,419)

Schedule of Valuation Allowance Rollforward


		Year Ended December 31,
		2014		2013		2012
Beginning balance	$	71,955	$	12,199	$	2,965
Additions:
Purchase price accounting		4,119		41,312		-
Expense		9,133		18,444		9,234
Ending balance	$	85,207	$	71,955	$	12,199

Unrecognized Tax Benefits Summary of activity related to unrecognized tax benefits


		Year Ended December 31,
		2014		2013
Gross unrecognized tax benefits at beginning of year	$	6,413	$	6,098
Increases (decreases) in unrecognized tax benefits related to a prior year		-		76
Increases (decreases) in unrecognized tax benefits related to the current year		-		260
Lapse in statute of limitations for assessment		(5,556)		(21)
Gross unrecognized tax benefits at end of year	$	857	$	6,413

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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