Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v2.3.0.15
Income Taxes
 9 Months Ended
Sep. 30, 2011
Income Taxes  
Income Taxes

13.                               Income Taxes

 

We own a taxable REIT subsidiary (“TRS”) that is subject to Federal and state income taxes.  Our TRS’s provision for income tax consisted of the following (in thousands):

 

 

 

For the Three Months
Ended September 30,

 

For the Nine Months
Ended September 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

Deferred

 

 

 

 

 

 

 

 

 

Federal

 

$

(427

)

$

(39

)

$

(4,993

)

$

(26

)

State

 

(95

)

(9

)

(1,105

)

(6

)

 

 

(522

)

(48

)

(6,098

)

(32

)

Current

 

 

 

 

 

 

 

 

 

Federal

 

53

 

62

 

45

 

97

 

State

 

12

 

13

 

10

 

21

 

 

 

65

 

75

 

55

 

118

 

Total income tax (benefit) expense

 

$

(457

)

$

27

 

$

(6,043

)

$

86

 

 

 

 

 

 

 

 

 

 

 

Reported on line entitled income tax (benefit) expense

 

$

(457

)

$

27

 

$

(6,043

)

$

75

 

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

 

—

 

—

 

—

 

11

 

Total income tax (benefit) expense

 

$

(457

)

$

27

 

$

(6,043

)

$

86

 

 

Items in our TRS contributing to temporary differences that lead to deferred taxes include depreciation and amortization, share-based compensation, certain accrued compensation, compensation paid in the form of contributions to a deferred nonqualified compensation plan, impairment losses and net operating losses that are not deductible until future periods.

 

Our TRS’s combined Federal and state effective tax rate was 38.6% for the three and nine months ended September 30, 2011 and 34.7% for the three and nine months ended September 30, 2010.