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, 2015, 2014 and 2013 are as follows:



	2015 (1)				2014				2013
Ordinary income	$	1.20	24.8	%	$	1.92	76.5	%	$	1.02	43.3	%
Capital gains	3.64		75.2	%	0.16		6.4	%	1.24		52.5	%
Unrecaptured Section 1250 gain	—		—	%	0.05		2.0	%	0.10		4.2	%
Return of capital	—		—	%	0.38		15.1	%	—		—	%
Dividends paid	$	4.84	100.0	%	$	2.51	100.0	%	$	2.36	100.0	%

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(1)

During the year ended December 31, 2015, the Company paid cash dividends of $4.63 per common share. In addition, the Company declared a $2.00 special cash dividend to shareholders of record as of November 12, 2015 which was paid on January 6, 2016 (See Note 12—Stockholders' Equity). Pursuant to relevant U.S. tax rules, $0.21 per common share of this dividend is treated as having been paid by the Company on December 31, 2015, and received by each shareholder of record as of November 12, 2015 on December 31, 2015.

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 benefit of the TRSs for the years ended December 31, 2015, 2014 and 2013 are as follows:



	2015		2014		2013
Current	$	—	$	—	$	(142	)
Deferred	3,223		4,269		1,834
Income tax benefit	$	3,223	$	4,269	$	1,692

Income tax benefit of the TRSs for the years ended December 31, 2015, 2014 and 2013 are reconciled to the amount computed by applying the Federal Corporate tax rate as follows:



	2015			2014		2013
Book loss for TRSs	$	10,681		$	10,785	$	11,709
Tax at statutory rate on earnings from continuing operations before income taxes	$	3,632		$	3,667	$	3,981
Other	(409		)	602		(2,289		)
Income tax benefit	$	3,223		$	4,269	$	1,692

The net operating loss carryforwards are currently scheduled to expire through 2035, beginning in 2024. Net deferred tax assets of $38,847 and $35,625 were included in deferred charges and other assets, net at December 31, 2015 and 2014, respectively.

The tax effects of temporary differences and carryforwards of the TRSs included in the net deferred tax assets at December 31, 2015 and 2014 are summarized as follows:



	2015		2014
Net operating loss carryforwards	$	25,340	$	24,698
Property, primarily differences in depreciation and amortization, the tax basis of land assets and treatment of certain other costs	10,600		8,201
Other	2,907		2,726
Net deferred tax assets	$	38,847	$	35,625

For the years ended December 31, 2015, 2014 and 2013 there were no unrecognized tax benefits.

The tax years 2011 through 2015 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.