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. We are also subject to certain state and local taxes without regard to our REIT status. In prior periods, we were subject to Australian taxes.

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



	Three Months Ended September 30,					Nine Months Ended September 30,
	2016		2015			2016		2015
Current:
State	$	225	$	90		$	465	$	270
Federal	—		—			—		525
Foreign	—		(67		)	—		2,337
	225		23			465		3,132
Deferred:
Foreign	—		—			—		(755		)
	—		—			—		(755		)
Income tax expense	$	225	$	23		$	465	$	2,377