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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Components of Current / Deferred Income Tax (Provision) Benefit

The components of income tax (provision) benefit for the years ended December 31, 2012, 2011 and 2010 are comprised of the following:

		2012				2011				2010
Current:
Federal		$	(5,210	)		$	(622	)		$	(893	)
State			(253	)			(502	)			(2,372	)
Foreign			(10	)			(41	)			(95	)
Deferred:
Federal			—				(284	)			163
State			(49	)			(2	)			40
Foreign			—				(697	)			(148	)
		$	(5,522	)		$	(2,148	)		$	(3,305	)

Deferred Tax Assets (Liabilities)

Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred tax assets (liabilities) include the following as of December 31, 2012 and 2011:

		2012				2011
Investments in Joint Ventures		$	11			$	15
Prepaid Rent			13				45
Restricted Stock			5				43
Impairment of Real Estate			5,519				5,683
Foreign Net Operating Loss Carryforward			854				828
Valuation Allowance			(5,244	)			(5,078	)
Other			588				483
Total Deferred Tax Assets, Net of Allowance		$	1,746			$	2,019
Straight-line Rent			(91	)			(85	)
Fixed Assets			(1,666	)			(1,946	)
Other			(158	)			(108	)
Total Deferred Tax Liabilities		$	(1,915	)		$	(2,139	)
Total Net Deferred Tax Liabilities		$	(169	)		$	(120	)

Income Tax Provision Pertaining to Income from Continuing Operations and Gain on Sale of Real Estate

The income tax provision pertaining to income from continuing operations and gain on sale of real estate differs from the amounts computed by applying the applicable federal statutory rate as follows:

		2012				2011				2010
Tax Benefit (Provision) at Federal Rate Related to Continuing Operations		$	557			$	(2,162	)		$	5,141
State Tax Provision, Net of Federal Benefit (Provision)			(244	)			(521	)			(2,320	)
Non-deductible Permanent Items, Net			32				(54	)			(58	)
IRS Audit Adjustment and Accrued Interest			(5,523	)			—				—
Change in Valuation Allowance			(166	)			1,853				(6,108	)
Foreign Taxes, Net			(10	)			(96	)			(211	)
Other			(168	)			78				251
Net Income Tax Provision		$	(5,522	)		$	(902	)		$	(3,305	)

Preferred Distributions Per Depositary Share

For income tax purposes, distributions paid to preferred shareholders are classified as ordinary income, capital gain, return of capital or qualified dividends. For the years ended December 31, 2012, 2011 and 2010, the preferred distributions per depositary share were classified as follows:

Series J Preferred Stock		2012				As a Percentage of Distributions				2011				As a Percentage of Distributions				2010				As a Percentage of Distributions
Ordinary Income		$	—				0.00	%		$	0.3130				23.02	%		$	1.4652				80.84	%
Long-term Capital Gains			—				0.00	%			—				0.00	%			—				0.00	%
Unrecaptured Section 1250 Gain			—				0.00	%			—				0.00	%			0.2423				13.37	%
Return of Capital			2.2657				100.00	%			1.0402				76.52	%			—				0.00	%
Qualified Dividends			—				0.00	%			0.0062				0.46	%			0.1050				5.79	%
		$	2.2657				100.00	%		$	1.3594				100.00	%		$	1.8125				100.00	%

Series J Preferred Stock – Depositary Shares Redeemed*		2012				As a Percentage of Distributions
Ordinary Income		$	—				0.00	%
Long-term Capital Gains			—				0.00	%
Unrecaptured Section 1250 Gain			—				0.00	%
Return of Capital			2.2203				100.00	%
Qualified Dividends			—				0.00	%
		$	2.2203				100.00	%

Series K Preferred Stock		2012				As a Percentage of Distributions				2011				As a Percentage of Distributions				2010				As a Percentage of Distributions
Ordinary Income		$	—				0.00	%		$	0.3130				23.02	%		$	1.4652				80.84	%
Long-term Capital Gains			—				0.00	%			—				0.00	%			—				0.00	%
Unrecaptured Section 1250 Gain			—				0.00	%			—				0.00	%			0.2423				13.37	%
Return of Capital			2.2657				100.00	%			1.0402				76.52	%			—				0.00	%
Qualified Dividends			—				0.00	%			0.0062				0.46	%			0.1050				5.79	%
		$	2.2657				100.00	%		$	1.3594				100.00	%		$	1.8125				100.00	%

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- Definition

The tabular disclosure of the components of current and deferred income tax (provision) benefit.

+ References

No definition available.

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Schedule of preferred distributions paid to preferred shareholders per depositary share classified as ordinary income, capital gain, return of capital or qualified dividends.

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- Definition

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

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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