Income Taxes

Our Consolidated Financial Statements include the operations of the Company's taxable REIT subsidiary, which is not entitled to the dividends paid deduction and is subject to federal, state and local income taxes on its taxable income. As a REIT, the Company may also be subject to federal excise taxes if it engages in certain types of transactions.

The minimum dividend per share of Common Stock required for the Company to maintain its REIT status was $1.31, $1.13 and $1.08 per share in 2015, 2014 and 2013, respectively. Continued qualification as a REIT depends on the Company's ability to satisfy the dividend distribution tests, stock ownership requirements and various other qualification tests. The tax basis of the Company's assets (net of accumulated tax depreciation and amortization) and liabilities was approximately $4.2 billion and $2.6 billion, respectively, at December 31, 2015 and $3.6 billion and $2.2 billion, respectively, at December 31, 2014. The tax basis of the Operating Partnership's assets (net of accumulated tax depreciation and amortization) and liabilities was approximately $4.2 billion and $2.6 billion, respectively, at December 31, 2015 and $3.6 billion and $2.2 billion, respectively, at December 31, 2014.

During the years ended December 31, 2015, 2014 and 2013, the Company qualified as a REIT and incurred no federal income tax expense; accordingly, the only federal income taxes included in the accompanying Consolidated Financial Statements relate to activities of the Company's taxable REIT subsidiary.

The following table sets forth the Company's income tax expense/(benefit):



	Year Ended December 31,
	2015			2014			2013
Current tax expense:
Federal	$	949		$	1,480		$	60
State	351			161			312
	1,300			1,641			372
Deferred tax expense/(benefit):
Federal	(233		)	(1,628		)	1,479
State	(115		)	(305		)	277
	(348		)	(1,933		)	1,756
Less tax expense netted against gain included in equity in earnings of unconsolidated affiliates	—			—			(1,721		)
Less tax expense netted against gain on disposition of property	(518		)	—			—
Total income tax expense/(benefit)	$	434		$	(292	)	$	407

The Company's net deferred tax asset/(liability) is $(0.2) million and $0.1 million as of December 31, 2015 and 2014, respectively. The net deferred tax asset/(liability) is comprised primarily of tax versus book differences related to property (depreciation, amortization and basis differences).

For the years ended December 31, 2015 and 2014, there were no unrecognized tax benefits. The Company is subject to federal, state and local income tax examinations by taxing authorities for 2012 through 2015. The Company does not expect that the total amount of unrecognized benefits will materially change within the next year.