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Federal Income Tax Reporting (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

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

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the Year Ended December 31,
(Dollars in thousands)		2019			2018			2017
​	​	​	​	​	​	​	​	​	​
Revised Texas Franchise Tax	​	$	394	​	$	319	​	$	355	​
Other Taxes	​		(125)	​		41	​		45	​
Tax expense	​	$	269	​	$	360	​	$	400	​

Schedule of reconciliation of book net income to taxable income

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
(in thousands)		2019			2018			2017
​	​	​	​	​	​	​	​	​	​
Net income (loss) per GAAP	​	$	6,475	​	$	13,069	​	$	(15,944)	​
Adjustments to GAAP net income (loss):	​	​	​	​	​	​	​	​	​	​
GAAP depreciation and amortization	​		90,507	​		93,675	​		100,227	​
Tax depreciation and amortization	​		(66,376)	​		(62,657)	​		(62,653)	​
Tax basis more than GAAP basis on assets sold	​		—	​		—	​		(907)	​
Straight line rent adjustment, net	​		(10,462)	​		(1,350)	​		(2,977)	​
Deferred rent, net	​		535	​		210	​		1,226	​
Non-taxable distributions	​		—	​		(710)	​		(1,289)	​
Other, net	​		4,099	​		(6,651)	​		6,582	​
Taxable income	​		24,778	​		35,586	​		24,265	​
Less: Capital gains recognized	​		—	​		—	​		—	​
Taxable income subject to distribution requirement	​	$	24,778	​	$	35,586	​	$	24,265	​

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

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	2019				​	2018				​	2017
​		Per Share			%		Per Share			%		Per Share			%
Ordinary income (1)	​	$	0.25		69.96	%	$	0.35		76.39	%	$	0.24		31.74	%
Capital gain	​		—		—	%		—		—	%		—		—	%
Return of capital	​		0.11		30.04	%		0.11		23.61	%		0.52		68.26	%
Total	​	$	0.36		100	%	$	0.46		100	%	$	0.76		100	%

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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

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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