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 $1.37, $0.99 and $1.31 per share in 2017, 2016 and 2015, 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 $4.1 billion and $2.3 billion, respectively, at December 31, 2017 and $4.0 billion and $2.3 billion, respectively, at December 31, 2016. The tax basis of the Operating Partnership's assets (net of accumulated tax depreciation and amortization) and liabilities was approximately $4.1 billion and $2.3 billion, respectively, at December 31, 2017 and $4.0 billion and $2.3 billion, respectively, at December 31, 2016.

During the years ended December 31, 2017, 2016 and 2015, 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. Due to the passage of federal legislation commonly known as the "Tax Cuts and Jobs Act," which was signed into law on December 22, 2017, the taxable REIT subsidiary was required to decrease the deferred tax asset balance, which resulted in an increase to tax expense of $0.1 million in 2017.

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



	Year Ended December 31,
	2017			2016			2015
Current tax expense/(benefit):
Federal	$	(177	)	$	(38	)	$	949
State	105			89			351
	(72		)	51			1,300
Deferred tax expense/(benefit):
Federal	223			(160		)	(233		)
State	(9		)	87			(115		)
	214			(73		)	(348		)
Less tax expense netted against gain on disposition of property	—			—			(518		)
Total income tax expense/(benefit)	$	142		$	(22	)	$	434

The Company's net deferred tax liability was $0.3 million and $0.1 million as of December 31, 2017 and 2016, respectively. The net deferred tax liability is comprised primarily of tax versus book differences related to property (depreciation, amortization and basis differences).

For the years ended December 31, 2017 and 2016, there were no unrecognized tax benefits. The Company is subject to federal, state and local income tax examinations by taxing authorities for 2014 through 2017. The Company does not expect that the total amount of unrecognized benefits will materially change within the next year.