FEDERAL INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2011

Schedule of Tax Status of Dividends [Table Text Block]

The Company has determined that the cash distributed to the shareholders is characterized as follows for Federal income tax purposes:



	For the years ended December 31,
	2011		2010		2009
Ordinary income	75	%	100	%	95	%
Qualified dividend	22	%	—	%	—	%
Capital gain	3	%	—	%	5	%
	100	%	100	%	100	%

Schedule of TRS Income and Provision for Income Taxes [Table Text Block]

The Company’s TRS income and provision for income taxes for the years ended December 31, 2011, 2010 and 2009 are summarized as follows:



(dollars in thousands)	2011		2010			2009
TRS income before income taxes	$	376	$	5,716		$	2,671
Provision for income taxes:
Federal	222		2,164			1,025
State and local	59		543			292
TRS net income before noncontrolling interests	95		3,009			1,354
Noncontrolling interests	1,245		(545		)	—
TRS net income	$	1,340	$	2,464		$	1,354

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The income tax provision differs from the amount computed by applying the statutory federal income tax rate to income before income taxes as follows (not adjusted for temporary book/tax differences):



(dollars in thousands)	2011			2010		2009
Federal provision at statutory tax rate	$	128		$	1,943	$	908
TRS State and local taxes, net of federal benefit	20			358		193
Tax effect of:
Permanent differences, net	(279		)	406		138
Restricted stock vesting	266			—		—
Other	146			—		78
REIT state and local income and franchise taxes	193			183		224
Total provision for income taxes	$	474		$	2,890	$	1,541