Income Taxes

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and are generally not subject to federal and state income taxes provided we distribute a sufficient amount of our taxable income to our shareholders and meet other requirements for qualifying as a REIT.  Federal income tax expense for the three and six months ended June 30, 2015 relates to taxes incurred incurred as a result of a taxable built-in gain triggered by the sale of a property that was previously owned by a C corporation. We are also subject to certain state, local and Australian taxes without regard to our REIT status. 

Our provision for income taxes consists of the following (in thousands):

	Three Months Ended June 30,					Six Months Ended June 30,
	2015			2014		2015			2014
Current:
State	$	90		$	227	$	180		$	261
Federal	525			—		525			—
Foreign	2,450			681		2,404			1,202
	3,065			908		3,109			1,463
Deferred:
Foreign	(150		)	—		(755		)	—
	(150		)	—		(755		)	—
Income tax expense	$	2,915		$	908	$	2,354		$	1,463