INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

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

	2015 Estimate			2014 Actual			2013 Actual
Net income	$	20,517		$	22,116		$	17,875
Straight-line rent adjustments		(971	)		(1,480	)		(1,025	)
Book gain on sale—(in excess of) less than tax gain		(530	)		10,522			1,391
Rent received in advance, net		(73	)		(180	)		691
Adjustments for above/below market leases		(581	)		(253	)		(144	)
Non-deductible portion of restricted stock expense		613			(149	)		357
Federal excise tax, non-deductible		174			302			45
Book depreciation in excess of tax depreciation		4,219			2,970			1,686
Property acquisition costs—capitalized for tax purposes		798			417			850
Impairment loss		—			1,093			62
Other adjustments		(317	)		26			(111	)

Federal taxable income	$	23,849		$	35,384		$	21,677

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

	2015 Estimate			2014 Actual			2013 Actual
Dividends paid	$	26,179		$	24,117		$	21,999
Dividend reinvestment plan(a)		228			197			230

		26,407			24,314			22,229
Less: Spillover dividends designated to previous year		(18,177	)		(7,107	)		(7,659	)
Plus: Dividends designated from following year		15,619			18,177			7,107

Dividends paid deduction	$	23,849		$	35,384		$	21,677


(a)	Reflects the up to 5% discount on common stock purchased through the dividend reinvestment plan.