Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2011
Income Taxes  
Schedule of differences between taxable income reported on income tax returns and net income as reported on consolidated statements of operations
 
  For the Years Ended December 31,  
 
  2011   2010   2009  
 
  (Estimated)
   
   
 

Net (loss) income

  $ (124,318 ) $ 45,504   $ 61,299  

Adjustments:

                   

Rental revenue recognition

    (10,708 )   (9,192 )   (1,646 )

Compensation expense recognition

    (1,298 )   (4,820 )   (5,240 )

Operating expense recognition

    751     280     1,061  

Gain on sales of properties

    1,154     6,548      

Impairment losses

    151,021          

Loss on interest rate derivatives

    29,805          

Gains from non-real estate investments

    4,447     (6,994 )   (1,029 )

Income from service operations

    (16,047 )   (1,628 )   303  

Income tax expense

    10,679     119     196  

Depreciation and amortization

    44,070     42,365     36,031  

Discounts/premiums included in interest expense

    5,540     5,841     3,412  

Income from unconsolidated entities

    (374 )   (244 )   (12 )

Noncontrolling interests, gross

    (4,891 )   (3,288 )   (5,813 )

Other

    88     2,173     (1,947 )
               

Taxable income

  $ 89,919   $ 76,664   $ 86,615
Schedule of characterization of dividends declared on common and preferred shares

 

 

 
  Common Shares   Preferred Shares  
 
  For the Years Ended
December 31,
  For the Years Ended
December 31,
 
 
  2011   2010   2009   2011   2010   2009  

Ordinary income

    56.9 %   59.7 %   87.5 %   85.9 %   88.3 %   100.0 %

Long term capital gain

    9.4 %   8.0 %   0.0 %   14.1 %   11.7 %   0.0 %

Return of capital

    33.7 %   32.3 %   12.5 %   0.0 %   0.0 %   0.0 %
Components of provision for income tax

 

 

 
  For the Years Ended
December 31,
 
 
  2011   2010   2009  

Deferred

                   

Federal

  $ (8,760 ) $ (64 ) $ 115  

State

    (1,938 )   (14 )   25  
               

 

    (10,698 )   (78 )   140  
               

Current

                   

Federal

    16     161     46  

State

    3     36     10  
               

 

    19     197     56  
               

Total income tax (benefit) expense

  $ (10,679 ) $ 119   $ 196  
               

Reported on line entitled income tax (benefit) expense

  $ (10,679 ) $ 108   $ 196  

Reported on line entitled gain on sales of real estate, net

        11      
               

Total income tax (benefit) expense

  $ (10,679 ) $ 119   $ 196
Schedule of reconciliation of Federal statutory rate to effective tax rate

 

 

 
  For the Years Ended
December 31,
 
 
  2011   2010   2009  

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 %   4.2 %   4.6 %

Other

    0.0 %   (3.5 )%   0.1 %
               

Effective tax rate

    38.6 %   34.7 %   38.7 %