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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

The following is a summary of our deferred tax assets and liabilities, which result from the activities of the TRS, as of December 31, 2017 (in thousands):

	2017
Deferred tax assets:
Accrued expenses	$	4,276
Net operating loss (“NOL”) carryforward(1)	667
Other	106
Gross deferred tax assets	5,049
Valuation allowance	(3,277		)
Total deferred tax asset	1,772
Deferred tax liabilities:
Depreciation and amortization	(1,638		)
Prepaid expenses	(134		)
Total deferred tax liabilities	(1,772		)
Net deferred tax asset	$	—

⁽¹⁾  If not utilized, the NOL carryforward will begin to expire in 2037. Losses incurred after 2017 are carried forward indefinitely.

Summary of REIT Taxable Income Subject to Dividend Distribution

The following table reconciles Net (Loss) Income Attributable to Stockholders to REIT taxable income before the dividends paid deduction for the years ended December 31, 2017, 2016, and 2015 (in thousands):

	2017				2016				2015
Net (loss) income attributable to stockholders	$	(38,391	)		$	8,932			$	13,360
Net loss (income) from subsidiaries	31,395				(17,785		)		(23,725		)
Net loss attributable to REIT operations	(6,996		)		(8,853		)		(10,365		)
Book/tax differences	45,677				42,556				45,280
REIT taxable income subject to 90% dividend requirement	$	38,681			$	33,703			$	34,915

Summary of Dividends Payment Deduction

The following is a summary of our dividends paid deduction for the years ended December 31, 2017, 2016, and 2015 (in thousands):

	2017				2016				2015
Distributions paid to common stockholders	$	123,100			$	123,004			$	123,119
Non-dividend distributions	(84,419		)		(89,301		)		(88,204		)
Total dividends paid deduction attributable to earnings and profits	$	38,681			$	33,703			$	34,915

Schedule of Effective Income Tax Rate Reconciliation

The tax composition of our distributions declared for the years ended December 31, 2017 and 2016, was as follows:

	2017			2016
Ordinary income	28.6	%		28.2	%
Return of capital	70.9	%		71.8	%
Capital gain distributions	0.5	%		—	%
Total	100.0	%		100.0	%

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Tabular disclosure of an entity's tax treatment of distributions by percentage.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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