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Federal Income Tax Reporting (Tables)

12 Months Ended

Dec. 31, 2016

Income Taxes

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

		For the Year Ended December 31,
(Dollars in thousands)		2016			2015			2014
Revised Texas franchise tax		$	352		$	398		$	474
Other Taxes			66			35			24
Taxes on income		$	418		$	433		$	498

Schedule of reconciliation of book net income to taxable income

		For the year ended December 31,
(in thousands)		2016			2015			2014
Net income per books		$	8,378		$	35,014		$	13,148
Adjustments to book income:
Book depreciation and amortization			92,557			91,201			96,550
Tax depreciation and amortization			(59,171)			(53,089)			(53,148)
Tax basis more than book basis on assets sold			(576)			(2,739)			1,567
Straight line rent adjustment, net			(2,976)			(3,493)			(5,856)
Deferred rent, net			2			618			112
Non-taxable distributions			(970)			—			(107)
Other, net			(1,648)			995			189
Taxable income			35,596			68,507			52,455
Less: Capital gains recognized			—			10,360			—
Taxable income subject to distribution requirement		$	35,596		$	58,147		$	52,455

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

		2016					2015					2014
		Per Share			%		Per Share			%		Per Share			%
Ordinary income		$	0.39		50.82	%	$	0.60		79.17	%	$	0.55		72.52	%
Capital gain (1)			—		—	%		0.09		11.60	%		—		—	%
Return of capital			0.37		49.18	%		0.07		9.23	%		0.21		27.48	%
Total		$	0.76		100	%	$	0.76		100	%	$	0.76		100	%

(1) 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=65882285&loc=d3e32687-109319

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