PART II Item 5.
Market for Registrant’s Common Equity and Related Stockholder Matters Market Information Our common stock has been traded on the New York Stock Exchange (‘‘NYSE’’) under the symbol ‘‘EXR’’ since our IPO on August 17, 2004.
Prior to that time there was no public market for our common stock.
The following table sets forth, for the periods indicated, the high and low bid price for our common stock as reported by the NYSE and the per share dividends declared:
## Table 0 ##
On February 28, 2006, the closing price of our common stock as reported by the NYSE was $15.00.
At February 28, 2006, we had 166 holders of record of our common stock.
Holders of shares of common stock are entitled to receive distributions when declared by our board of directors out of any assets legally available for that purpose.
As a REIT, we are required to distribute at least 90% of our ‘‘REIT taxable income’’ is generally equivalent to our net taxable ordinary income, determined without regard to the deduction for dividends paid, to our stockholders annually in order to maintain our REIT qualifications for U. S.  federal income tax purposes.
Unregistered Sales of Equity Securities and Use of Proceeds On June 20, 2005, we completed the sale of 6,200,000 shares of our common stock, $.01 par value, for $83,514, which we reported in a Current Report on Form 8-K filed with the Securities and Exchange Commission on June 24, 2005.
We used the proceeds for general corporate purposes, including debt repayment.
The shares were issued pursuant to an exemption from registration under the Securities Act of 1933, as amended.
Depreciation and Amortization—Depreciation and amortization expense increased as a result of the acquisition of new stores.
We acquired 34 stores and opened three new development stores during the year ended December 31, 2018, and acquired 46 operating stores during the year ended December 31, 2017.
Other Income and Expenses The following table presents information on other revenues and expenses for the years indicated:
## Table 1 ##
Gain on Real Estate Transactions, Earnout on Prior Acquisitions and Impairment of Real Estate— During the year ended December 31, 2018, we sold one store in California and recognized a gain of $30,671 on this transaction.
During the year ended December 31, 2017, we sold 36 stores to a new joint venture with an existing partner.
We own a 10% ownership interest in the new joint venture.
We recognized a total gain of $118,776 related to this transaction.
During the year ended December 31, 2017, we also recognized an impairment loss of $6,100 related to three parcels of undeveloped land where the carrying values were greater than the fair values.
Interest Expense—The increase in interest expense during the year ended December 31, 2018 was primarily the result of higher debt balances when compared to the prior year, as well as an increase in the average 30-day LIBOR rate.
The total face value of our debt, including our lines of credit, was $4,854,077 at December 31, 2018 compared to $4,601,322 at December 31, 2017.
Our average interest rate for fixed and variable rate debt as of December 31, 2018 was 3.5% compared to 3.3% at December 31, 2017.
Non-cash Interest Expense Related to Amortization of Discount on Equity Component of Exchangeable Senior Notes—Represents the amortization of the discounts related to the equity components of the exchangeable senior notes issued by our Operating Partnership.
The decrease is related to the repayment in July 2018 of our outstanding exchangeable senior notes due 2013.
Interest Income—Interest income represents amounts earned on cash and cash equivalents deposited with financial institutions and interest earned on notes receivable and income earned on notes receivable from preferred and common Operating Partnership unit holders.
Equity in Earnings of Unconsolidated Real Estate Ventures—Equity in earnings of unconsolidated real estate ventures represents the income earned through our ownership interests in unconsolidated joint ventures.
In these joint ventures, we and our joint venture partners generally receive a preferred return on our invested capital.
To the extent that cash or profits in excess of these preferred returns are generated, we receive a higher percentage of the excess cash or profits, as applicable.
Income Tax Expense— The increase in income tax expense relates primarily to the remeasurement of our deferred tax liability balance and valuation allowance during the year ended December 31, 2017 as a result of the 2017 Tax Legislation.
The tax benefit recorded from this remeasurement was $8,606 for the year ended December 31, 2017.
No similar remeasurement was recorded during the year ended December 31, 2018.
Tax expense was recognized at 21% for the year ended December 31, 2018 as opposed to 35% in the prior year.
We also generated tax credits from our solar program in the amount of $5,629 in 2018.
EXTRA SPACE STORAGE INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Amounts in thousands, except store and share data, unless otherwise stated 7 The major sources of temporary differences stated at their deferred tax effects are as follows:
## Table 2 ##
The state income tax net operating losses expire between 2019 and 2036.
The valuation allowance is associated with the state income tax net operating losses.
The tax years 2014 through 2017 remain open related to the state returns, and 2015 through 2017 for the federal returns.
Federal tax reform legislation that was enacted on December 22, 2017 (commonly known as the Tax Cuts and Jobs Act) (the “2017 Tax Legislation”) made substantial changes to the Internal Revenue Code.
Among those changes were a reduction in the U. S.  federal corporate tax rate from the previous rate of 35% to 21%, the elimination or modification of various allowed deductions, and a deduction for REIT stockholders that are individuals, trusts and estates of up to 20% of ordinary REIT dividends.
Many of the provisions of the 2017 Tax Legislation required guidance through the issuance of Treasury regulations in order to assess their effect.
It is possible that there will be technical corrections legislation proposed with respect to the 2017 Tax Legislation, the effect of which cannot be predicted and may be adverse to the Company or its stockholders.
The SEC staff issued SAB 118, which provides guidance on accounting for the tax effects of the 2017 Tax Legislation.
SAB 118 provides a measurement period that should not extend beyond one year from the 2017 Tax Legislation enactment date for companies to complete the accounting under ASC 740.
In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the 2017 Tax Legislation for which the accounting under ASC 740 is complete.
To the extent that a company’s accounting for certain income tax effects of the 2017 Tax Legislation is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements.
If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the 2017 Tax Legislation.
The Company recorded a provisional estimate of the impact of the 2017 Tax Legislation for the year ended December 31, 2017.
The SAB 118 measurement period closed on December 22, 2018.
The Company's accounting for the 2017 Tax Legislation under SAB 118 has been finalized with no additional adjustments.
For the year ended December 31, 2017, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%.
The tax benefit recorded related to the remeasurement of the deferred tax balance and valuation allowance was $8,606, which is included as a component of income

<table><tr><td></td><td>High</td><td>Low</td><td>Dividends Declared</td></tr><tr><td>Period from August 17, 2004 to September 30, 2004</td><td>$14.38</td><td>$12.50</td><td>$0.1113</td></tr><tr><td>Quarter Ended December 31, 2004</td><td>14.55</td><td>12.60</td><td>0.2275</td></tr><tr><td>Quarter Ended March 31, 2005</td><td>14.30</td><td>12.55</td><td>0.2275</td></tr><tr><td>Quarter Ended June 30, 2005</td><td>14.75</td><td>12.19</td><td>0.2275</td></tr><tr><td>Quarter Ended September 30, 2005</td><td>16.71</td><td>14.32</td><td>0.2275</td></tr><tr><td>Quarter Ended December 31, 2005</td><td>15.90</td><td>13.00</td><td>0.2275</td></tr></table>
<table><tr><td></td><td colspan="2">For the Year Ended December 31,</td><td></td><td></td></tr><tr><td></td><td>2018</td><td>2017</td><td>$ Change</td><td>% Change</td></tr><tr><td>Other income and expenses:</td><td></td><td></td><td></td><td></td></tr><tr><td>Gain on real estate transactions, earnout on prior acquisitions and impairment of real estate</td><td>$30,807</td><td>$112,789</td><td>$-81,982</td><td>-72.7%</td></tr><tr><td>Interest expense</td><td>-178,436</td><td>-153,511</td><td>-24,925</td><td>16.2%</td></tr><tr><td>Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes</td><td>-4,687</td><td>-5,103</td><td>416</td><td>-8.2%</td></tr><tr><td>Interest income</td><td>5,292</td><td>6,736</td><td>-1,444</td><td>-21.4%</td></tr><tr><td>Equity in earnings of unconsolidated real estate ventures</td><td>14,452</td><td>15,331</td><td>-879</td><td>-5.7%</td></tr><tr><td>Income tax expense</td><td>-9,244</td><td>-3,625</td><td>-5,619</td><td>155.0%</td></tr><tr><td>Total other expense, net</td><td>$-141,816</td><td>$-27,383</td><td>$-114,433</td><td>417.9%</td></tr></table>
<table><tr><td></td><td>December 31, 2018</td><td>December 31, 2017</td></tr><tr><td>Deferred tax liabilities:</td><td></td><td></td></tr><tr><td>Fixed assets</td><td>$-20,907</td><td>$-15,271</td></tr><tr><td>Other</td><td>-96</td><td>-108</td></tr><tr><td>State deferred taxes</td><td>-3,076</td><td>-2,822</td></tr><tr><td>Total deferred tax liabilities</td><td>-24,079</td><td>-18,201</td></tr><tr><td>Deferred tax assets:</td><td></td><td></td></tr><tr><td>Captive insurance subsidiary</td><td>324</td><td>252</td></tr><tr><td>Accrued liabilities</td><td>1,772</td><td>873</td></tr><tr><td>Stock compensation</td><td>1,604</td><td>1,287</td></tr><tr><td>Solar credit</td><td>—</td><td>43</td></tr><tr><td>Other</td><td>53</td><td>57</td></tr><tr><td>SmartStop TRS</td><td>219</td><td>219</td></tr><tr><td>State deferred taxes</td><td>7,196</td><td>7,802</td></tr><tr><td>Total deferred tax assets</td><td>11,168</td><td>10,533</td></tr><tr><td>Valuation allowance</td><td>-3,872</td><td>-4,924</td></tr><tr><td>Net deferred income tax liabilities</td><td>$-16,783</td><td>$-12,592</td></tr></table>

Question: In what year is income tax expense greater than 5000?
Answer: 2018