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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2013
INCOME TAXES  
Schedule of reconciliation of financial statement net income to federal taxable income

The following unaudited table reconciles financial statement net income to federal taxable income for the years indicated (amounts in thousands):

 
   2013
Estimate		   2012
Actual		   2011
Actual		  

Net income

   $ 17,875   $ 32,320   $ 13,724  

Straight line rent adjustments

     (1,003 )   (919 )   (1,419 )

Financial statement gain on sale—less than (in excess of) tax gain

     1,391     (445 )   61  

Rent received in advance, net

     691     97     (78 )

Financial statement adjustment for above/below market leases

     (42 )   6     31  

Non-deductible portion of restricted stock expense

     357     341     300  

Federal excise tax, non-deductible

     45     290     —  

Financial statement depreciation in excess of tax depreciation

     1,644     (208 )   1,042  

Property acquisition costs—capitalized for tax purposes

     774     836     268  

Other adjustments

     (59 )   (201 )   (516 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Federal taxable income

   $ 21,673   $ 32,117   $ 13,413  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
Schedule of reconciliation of cash dividends paid with the dividends paid deduction

The following unaudited table reconciles cash dividends paid with the dividends paid deduction for the years indicated (amounts in thousands):

 
   2013
Estimate		   2012
Actual		   2011
Actual		  

Dividends paid

   $ 21,999   $ 24,252   $ 14,758  

Dividend reinvestment plan(a)

     230     256     153  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     22,229     24,508     14,911  

Less: Spillover dividends designated to previous year

     (7,659 )   —     (1,448 )

Plus: Dividends designated from following year

     7,103     7,659     —  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Dividends paid deduction(b)

   $ 21,673   $ 32,167   $ 13,463  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               
(a)
Reflects the up to 5% discount on common stock purchased through the dividend reinvestment plan.

(b)
Dividends paid deduction is slightly higher than federal taxable income in 2012 and 2011 to account for adjustments made to federal taxable income as a result of the impact of the alternative minimum tax.