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Income Taxes and Distributions (Tables)

12 Months Ended

Dec. 31, 2019

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 for the periods presented:



	Year Ended December 31,
	2019		2018		2017
Per share:
Ordinary dividend⁽¹⁾	$	2.6937	$	2.1988	$	1.8117
Long-term capital gain/(loss)⁽²⁾	0.7863		1.1153		1.5755
Return of capital	—		0.1659		0.0928
Totals	$	3.4800	$	3.4800	$	3.4800

⁽¹⁾ For the years ended December 31, 2019 and 2018, includes Section 199A dividends of $2.6937 and $2.1988, respectively. For the year ended December 31, 2017, includes Qualified Dividend of $0.0038.

⁽²⁾ For the years ended December 31, 2019, 2018 and 2017, includes Unrecaptured SEC. 1250 Gains of $0.2835, $0.3822 and $0.3557, respectively.

Schedule of Provision for Income Tax Expense (Benefit)

Our consolidated provision for income tax expense (benefit) is as follows for the periods presented (in thousands):



	Year Ended December 31,
	2019			2018			2017
Current	$	12,594		$	15,850		$	7,633
Deferred	(9,637		)	(7,176		)	12,495
Totals	$	2,957		$	8,674		$	20,128

Schedule of Reconciliation Income Tax Expense (Benefit)

A reconciliation of income taxes, which is computed by applying the federal corporate tax rate for the years ended December 31, 2019, 2018 and 2017, to the income tax expense/(benefit) is as follows for the periods presented (in thousands):



	Year Ended December 31,
	2019			2018			2017
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interests and income taxes	$	280,005		$	176,069		$	199,588
Increase (decrease) in valuation allowance⁽¹⁾	3,465			28,309			30,445
Tax at statutory rate on earnings not subject to federal income taxes	(311,224		)	(206,937		)	(234,468		)
Foreign permanent depreciation	9,260			8,110			10,065
Other differences	21,451			3,123			14,498
Totals	$	2,957		$	8,674		$	20,128

⁽¹⁾ Excluding purchase price accounting.

Summary of Tax Effects of Taxable and Deductible Temporary Differences

The tax effects of taxable and deductible temporary differences, as well as tax asset/(liability) attributes, are summarized as follows for the periods presented (in thousands):



	Year Ended December 31,
	2019			2018			2017
Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets and the treatment of interests and certain costs	$	(13,064	)	$	(2,533	)	$	(11,812	)
Operating loss and interest deduction carryforwards	127,525			98,713			94,654
Expense accruals and other	43,056			48,804			25,146
Valuation allowance	(159,057		)	(155,592		)	(127,283		)
Net deferred tax assets (liabilities)	$	(1,540	)	$	(10,608	)	$	(19,295	)

Schedule of Valuation Allowance Rollforward

The valuation allowance rollforward is summarized as follows for the periods presented (in thousands):



	Year Ended December 31,
	2019		2018		2017
Beginning balance	$	155,592	$	127,283	$	96,838
Expense (benefit)	3,465		28,309		30,445
Ending balance	$	159,057	$	155,592	$	127,283