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Income Taxes (Tables)
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12 Months Ended |
|
Dec. 31, 2012
|
| Income Tax Disclosure [Abstract] |
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| Schedule of differences between taxable income reported on income tax returns and net income as reported on consolidated statements of operations |
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For the Years Ended December 31, |
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2012 |
|
2011 |
|
2010 |
|
|
(Estimated) |
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|
|
|
Net income (loss) |
|
$ |
20,341 |
|
|
$ |
(127,576 |
) |
|
$ |
45,504 |
|
Adjustments: |
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|
Rental revenue recognition |
|
(12,575 |
) |
|
(10,708 |
) |
|
(9,192 |
) |
Compensation expense recognition |
|
(2,098 |
) |
|
(1,298 |
) |
|
(4,820 |
) |
Operating expense recognition |
|
1,148 |
|
|
751 |
|
|
280 |
|
Gain on sales of properties |
|
(45,323 |
) |
|
1,154 |
|
|
6,548 |
|
Impairment losses |
|
66,910 |
|
|
151,021 |
|
|
— |
|
Loss on interest rate derivatives |
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(29,805 |
) |
|
29,805 |
|
|
— |
|
Gains from non-real estate investments |
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2,843 |
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|
4,447 |
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|
(6,994 |
) |
Income from service operations |
|
1,500 |
|
|
(12,078 |
) |
|
(1,628 |
) |
Income tax expense |
|
381 |
|
|
6,710 |
|
|
119 |
|
Depreciation and amortization |
|
25,410 |
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|
44,070 |
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|
42,365 |
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Discounts/premiums included in interest expense |
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3,194 |
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|
5,548 |
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|
5,841 |
|
Income from unconsolidated entities |
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(725 |
) |
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(374 |
) |
|
(244 |
) |
Noncontrolling interests, gross |
|
(463 |
) |
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(7,502 |
) |
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(3,288 |
) |
Other |
|
836 |
|
|
80 |
|
|
2,173 |
|
Taxable income |
|
$ |
31,574 |
|
|
$ |
84,050 |
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|
$ |
76,664 |
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| Schedule of characterization of dividends declared on common and preferred shares |
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Common Shares |
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Preferred Shares |
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For the Years Ended December 31, |
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For the Years Ended December 31, |
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|
2012 |
|
2011 |
|
2010 |
|
2012 |
|
2011 |
|
2010 |
Ordinary income |
|
33.2 |
% |
|
56.9 |
% |
|
59.7 |
% |
|
100.0 |
% |
|
85.9 |
% |
|
88.3 |
% |
Long term capital gain |
|
0.0 |
% |
|
9.4 |
% |
|
8.0 |
% |
|
0.0 |
% |
|
14.1 |
% |
|
11.7 |
% |
Return of capital |
|
66.8 |
% |
|
33.7 |
% |
|
32.3 |
% |
|
0.0 |
% |
|
0.0 |
% |
|
0.0 |
% |
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| Components of provision for income tax |
Our TRS’ provision for income tax consisted of the following (in thousands):
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For the Years Ended December 31, |
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2012 |
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2011 |
|
2010 |
Deferred |
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Federal |
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$ |
(312 |
) |
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$ |
5,510 |
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$ |
64 |
|
State |
|
(69 |
) |
|
1,219 |
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|
14 |
|
|
|
(381 |
) |
|
6,729 |
|
|
78 |
|
Current |
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|
|
|
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|
Federal |
|
— |
|
|
(16 |
) |
|
(161 |
) |
State |
|
— |
|
|
(3 |
) |
|
(36 |
) |
|
|
— |
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|
(19 |
) |
|
(197 |
) |
Total income tax (expense) benefit |
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$ |
(381 |
) |
|
$ |
6,710 |
|
|
$ |
(119 |
) |
Reported on line entitled income tax (expense) benefit |
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$ |
(381 |
) |
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$ |
6,710 |
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|
$ |
(108 |
) |
Reported on line entitled gain on sales of real estate, net |
|
— |
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|
— |
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|
(11 |
) |
Total income tax (expense) benefit |
|
$ |
(381 |
) |
|
$ |
6,710 |
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|
$ |
(119 |
) |
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| Schedule of reconciliation of Federal statutory rate to effective tax rate |
A reconciliation of our TRS’ Federal statutory rate to the effective tax rate for income tax reported on our statements of operations is set forth below:
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For the Years Ended December 31, |
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2012 |
|
2011 |
|
2010 |
Income taxes at U.S. statutory rate |
|
34.0 |
% |
|
34.0 |
% |
|
34.0 |
% |
State and local, net of U.S. Federal tax benefit |
|
4.6 |
% |
|
4.6 |
% |
|
4.2 |
% |
Other |
|
0.0 |
% |
|
0.0 |
% |
|
(3.5 |
)% |
Effective tax rate |
|
38.6 |
% |
|
38.6 |
% |
|
34.7 |
% |
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| Schedule of tax effects of temporary differences and carry forwards in net defered tax assets |
The table below sets forth the tax effects of temporary differences and carry forwards included in the net deferred tax asset of our TRS (in thousands):
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December 31, |
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2012 |
|
2011 |
Operating loss and interest deduction carry forwards |
|
$ |
6,014 |
|
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$ |
1,758 |
|
Share-based compensation |
|
598 |
|
|
497 |
|
Property (1) |
|
— |
|
|
4,668 |
|
Net deferred tax asset |
|
$ |
6,612 |
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$ |
6,923 |
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