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Federal Income Tax Reporting (Tables)

12 Months Ended

Dec. 31, 2011

Federal Income Tax Reporting

Schedule of income tax expense (benefit) reflected in condensed consolidated statements of income

		For the years ended December 31,
(Dollars in thousands)		2011			2010			2009
Revised Texas franchise tax		$	253		$	217		$	242
Other Taxes		14			—			6
Taxes on income		$	267		$	217		$	248

Schedule of reconciliation of book net income to taxable income

		For the year ended December 31,
(in thousands)		2011			2010				2009
Net income per books		$	43,524		$	22,093				$	27,872
Adjustments to book income:
Book depreciation and amortization		48,439			40,724				39,652
Tax depreciation and amortization		(31,409		)	(26,901		)		(25,057			)
Tax basis more than book basis on assets sold		(1,281		)	—				—
Straight line rent adjustment, net		(9,783		)	(4,252		)		(1,879			)
Deferred rent, net		1,290			275				34
Non-taxable distributions		(767		)	(2,026		)		(2,435			)
Other, net		2,728			6,355				5,445
Taxable income		52,741			36,268				43,632
Less: Capital gains recognized		(21,951		)	(293		)		(55			)
Taxable income subject to distribution requirement		$	30,790		$	35,975				$	43,577

Summary of tax components of Company's common distribution paid per share

		2011					2010					2009
		Per Share			%		Per Share			%		Per Share			%
Ordinary income		$	0.38		50.79	%	$	0.46		60.36	%	$	0.61		80.56	%
Capital gain (1)		0.27			35.17	%	0.00			0.48	%	0.00			0.10	%
Return of capital		0.11			14.04	%	0.30			39.16	%	0.15			19.34	%
Total		$	0.76		100	%	$	0.76		100	%	$	0.76		100	%

(1) For 2011, 2010 and 2009 the 29.78%, 0.48% and 0.10% of the total distributions are capital gains taxed at 15%.

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- Definition

Tabular disclosure of income tax classification of the per share common stock dividend distributions into ordinary taxable distribution, long-term capital gain and return of capital.

+ References

No definition available.

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- Definition

Tabular disclosure of reconciliation of book net income to taxable income.

+ References

No definition available.

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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

-Topic 740

-SubTopic 10

-Publisher FASB

-Number

-Article

-Subparagraph

-Name Accounting Standards Codification

-Paragraph 12

-Section 50

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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