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Federal Income Tax Reporting (Tables)

12 Months Ended

Dec. 31, 2013

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)		2013			2012			2011
Revised Texas franchise tax		$	462		$	330		$	253
Other Taxes		18			5			14
Taxes on income		$	480		$	335		$	267

Schedule of reconciliation of book net income to taxable income

		For the year ended December 31,
(in thousands)		2013			2012			2011
Net income per books		$	19,827		$	7,633		$	43,524
Adjustments to book income:
Book depreciation and amortization		79,090			55,518			48,439
Tax depreciation and amortization		(44,552		)	(34,047		)	(31,409		)
Tax basis more than book basis on assets sold		(735		)	265			(1,281		)
Straight line rent adjustment, net		(6,748		)	(5,203		)	(9,783		)
Deferred rent, net		(818		)	1,224			1,290
Non-taxable distributions		(107		)	(1,114		)	(767		)
Other, net		1,263			1,899			2,728
Taxable income		47,220			26,175			52,741
Less: Capital gains recognized		—			(1,514		)	(21,951		)
Taxable income subject to distribution requirement		$	47,220		$	24,661		$	30,790

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

		2013					2012					2011
		Per Share			%		Per Share			%		Per Share			%
Ordinary income		$	0.53		69.58	%	$	0.31		40.61	%	$	0.38		50.79	%
Capital gain (1)		—			0.00	%	0.02			2.40	%	0.27			35.17	%
Return of capital		0.23			30.42	%	0.43			56.99	%	0.11			14.04	%
Total		$	0.76		100	%	$	0.76		100	%	$	0.76		100	%

(1) For 2013, 2012 and 2011, 0%, 2.4% and 29.78%, respectively, of the total distributions are taxed as capital gains, and 0%, 0% and 5.39%, respectively, are taxed as an Unrecaptured Section 1250 gain.

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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

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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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

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

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