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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES

Schedule of reconciliation of financial statement net income to federal taxable income

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

		2014 Estimate			2013 Actual			2012 Actual
Net income		$	22,116		$	17,875		$	32,320
Straight line rent adjustments			(1,473	)		(1,025	)		(919	)
Book gain on sale—less than (in excess of) tax gain			10,504			1,391			(445	)
Rent received in advance, net			(172	)		691			97
Adjustments for above/below market leases			(217	)		(144	)		6
Restricted stock expense-tax (in excess of) book			(149	)		357			341
Federal excise tax, non-deductible			302			45			290
Book depreciation in excess of tax depreciation			2,901			1,686			(208	)
Property acquisition costs—capitalized for tax purposes			425			850			836
Impairment charge			1,093			62			—
Other adjustments			(19	)		(111	)		(201	)
​	​	​	​	​	​	​	​	​	​	​
Federal taxable income		$	35,311		$	21,677		$	32,117
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Schedule of reconciliation of cash dividends paid with the dividends paid deduction

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

		2014 Estimate			2013 Actual			2012 Actual
Dividends paid		$	24,117		$	21,999		$	24,252
Dividend reinvestment plan(a)			197			230			256
​	​	​	​	​	​	​	​	​	​	​
			24,314			22,229			24,508
Less: Spillover dividends designated to previous year			(7,107	)		(7,659	)		—
Plus: Dividends designated from following year			18,104			7,107			7,659
​	​	​	​	​	​	​	​	​	​	​
Dividends paid deduction(b)		$	35,311		$	21,677		$	32,167
​	​	​	​	​	​	​	​	​	​	​
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(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 to account for an adjustment made to federal taxable income as a result of the impact of the alternative minimum tax.

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