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Federal Income Tax Reporting (Tables)

12 Months Ended

Dec. 31, 2015

Federal Income Tax Reporting

Schedule of income tax expense reflected in the condensed consolidated statements of income

		For the Year Ended December 31,
(Dollars in thousands)		2015			2014			2013
Revised Texas franchise tax		$	398		$	474		$	462
Other Taxes			35			24			18
Taxes on income		$	433		$	498		$	480

Schedule of reconciliation of book net income to taxable income

		For the year ended December 31,
(in thousands)		2015			2014			2013
Net income per books		$	35,014		$	13,148		$	19,827
Adjustments to book income:
Book depreciation and amortization			91,201			96,550			79,090
Tax depreciation and amortization			(53,089)			(53,148)			(44,552)
Tax basis more than book basis on assets sold			(2,739)			1,567			(735)
Straight line rent adjustment, net			(3,493)			(5,856)			(6,748)
Deferred rent, net			618			112			(818)
Non-taxable distributions			—			(107)			(107)
Other, net			995			189			1,263
Taxable income			68,507			52,455			47,220
Less: Capital gains recognized			10,360			—			—
Taxable income subject to distribution requirement		$	58,147		$	52,455		$	47,220

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

		2015					2014					2013
		Per Share			%		Per Share			%		Per Share			%
Ordinary income		$	0.60		79.17	%	$	0.55		72.52	%	$	0.53		69.58	%
Capital gain (1)			0.09		11.60	%		—		0.00	%		—		0.00	%
Return of capital			0.07		9.23	%		0.21		27.48	%		0.23		30.42	%
Total		$	0.76		100	%	$	0.76		100	%	$	0.76		100	%

For 2015, 11.6% of the total distributions are taxed as capital gains, and, 5.96%, was 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.

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- Definition

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

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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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