Income Taxes:

For income tax purposes, distributions paid to common stockholders consist of ordinary income, capital gains, unrecaptured Section 1250 gain and return of capital or a combination thereof. The following table details the components of the distributions, on a per share basis, for the years ended December 31:



	2013				2012				2011
Ordinary income	$	1.02	43.3	%	$	0.74	33.2	%	$	0.85	41.5	%
Capital gains	1.24		52.5	%	1.13		50.7	%	0.01		0.5	%
Unrecaptured Section 1250 gain	0.10		4.2	%	0.36		16.1	%	0.04		2.0	%
Return of capital	—		—	%	—		—	%	1.15		56.0	%
Dividends paid	$	2.36	100.0	%	$	2.23	100.0	%	$	2.05	100.0	%

The Company has made Taxable REIT Subsidiary elections for all of its corporate subsidiaries other than its Qualified REIT Subsidiaries. The elections, effective for the year beginning January 1, 2001 and future years were made pursuant to Section 856(l) of the Code.

The income tax (expense) benefit of the TRSs for the years ended December 31, 2013, 2012 and 2011 are as follows:



	2013			2012		2011
Current	$	(142	)	$	—	$	—
Deferred	1,834			4,159		6,110
Income tax benefit	$	1,692		$	4,159	$	6,110

Income tax benefit of the TRSs for the years ended December 31, 2013, 2012 and 2011 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:



	2013			2012			2011
Book loss for TRSs	$	11,709		$	16,154		$	19,558
Tax at statutory rate on earnings from continuing operations before income taxes	$	3,981		$	5,493		$	6,650
Other	(2,289		)	(1,334		)	(540		)
Income tax benefit	$	1,692		$	4,159		$	6,110

The net operating loss carryforwards are currently scheduled to expire through 2033, beginning in 2021. Net deferred tax assets of $31,356 and $33,414 were included in deferred charges and other assets, net at December 31, 2013 and 2012, respectively. The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2013 and 2012 are summarized as follows:



	2013		2012
Net operating loss carryforwards	$	26,394	$	33,781
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	3,673		(1,973		)
Other	1,289		1,606
Net deferred tax assets	$	31,356	$	33,414

For the years ended December 31, 2013, 2012 and 2011 there were no unrecognized tax benefits.

The tax years 2009 through 2012 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company does not expect that the total amount of unrecognized tax benefit will materially change within the next 12 months.