Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Tax Status of Dividends

The following table summarizes the tax status of dividends paid on our common shares:

	Year ended December 31,
	2014		2013	2012
Dividend per share	$	1.88	1.85	1.85
Ordinary income	70%		70%	71%
Capital gain	16%		6%	1%
Return of capital	14%		—%	28%
Qualified dividend income	—%		24%	—%

Components of Income Tax Expense (Benefit)

Income tax expense consists of the following (in thousands):

	Year ended December 31,
	2014			2013	2012
Income tax expense (benefit):
Current	$	1,152	(1)	—	97
Deferred	—			—	13,727
Total income tax expense (benefit)	$	1,152		—	13,824
(1) Includes $2.2 million of tax expense presented with Gain on sale of real estate, net of tax on the Consolidated Statements of Operations.

Schedule of Income Tax Expense (Benefit), Intraperiod Tax Allocation

Income tax expense (benefit) is included in the Consolidated Statements of Operations as either income tax expense (benefit) of taxable REIT subsidiaries, if the related income is from continuing operations, or is presented net of gains on sale of real estate, if the taxable income is from the gain on sale. Income tax expense (benefit) is included in discontinued operations, net of gains on sale of real estate, if the taxable income is from the gain on sale that qualified as discontinued operations, as follows (in thousands):

	Year ended December 31,
	2014			2013	2012
Income tax expense (benefit) from:
Continuing operations	$	1,152	(1)	—	13,224
Discontinued operations	—			—	600
Total income tax expense (benefit)	$	1,152		—	13,824
(1) Includes $2.2 million of tax expense presented with Gain on sale of real estate, net of tax on the Consolidated Statements of Operations.

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense (benefit) differed from the amounts computed by applying the U.S. Federal income tax rate of 34% to pretax income of RRG as follows (in thousands):

	Year ended December 31,
	2014				2013		2012
Computed expected tax expense (benefit)	$	5,140			1,677		(2,099	)
Increase (decrease) in income tax resulting from state taxes	(629		)		98		(122	)
Valuation allowance	(3,301		)		(1,511	)	15,635
All other items	(58		)		(264	)	410
Total income tax expense	1,152				—		13,824
Amounts attributable to discontinued operations	—				—		600
Amounts attributable to continuing operations	$	1,152		(1)	—		13,224
(1) Includes $2.2 million of tax expense presented with Gain on sale of real estate, net of tax on the Consolidated Statements of Operations.

Schedule of Deferred Tax Assets and Liabilities

The following table represents the Company's net deferred tax assets recorded in accounts payable and other liabilities in the accompanying Consolidated Balance Sheets (in thousands):

	December 31,
	2014			2013
Deferred tax assets
Investments in real estate partnerships	$	8,427		8,314
Provision for impairment	3,299			3,273
Deferred interest expense	2,538			4,295
Capitalized costs under Section 263A	1,832			2,184
Net operating loss carryforward	—			2,019
Employee benefits	385			488
Other	1,370			887
Deferred tax assets	17,851			21,460
Valuation allowance	(17,302		)	(20,603	)
Deferred tax assets, net	549			857
Deferred tax liabilities
Straight line rent	549			537
Depreciation	—			320
Deferred tax liabilities	549			857
Net deferred tax assets	$	—		—