Income Taxes |
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Our provision for income taxes consists of the following (in thousands):
The tax expense recorded in the current period is primarily the result of the taxable gains from sales of properties during the year ended December 31, 2018. A reconciliation of our effective tax rate and the U.S. Federal statutory income tax rate is as follows:
At December 31, 2018 and 2017, we had federal net operating loss (NOL) carryforwards of approximately $90 million and $120 million, respectively. These amounts can be used to offset future taxable income, if any. The REIT will be entitled to utilize NOL carryforwards only to the extent that REIT taxable income exceeds our deduction for dividends paid. NOLs arising in taxable years ending before January 1, 2018 can generally be carried forward 20 years, with no carryforward limitation on NOLs generated after that date. Our NOL carryforwards expire in years 2035 to 2037. |