Federal Income Tax Reporting (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes

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

	For the Year Ended December 31,
(Dollars in thousands)	2017		2016		2015
Revised Texas franchise tax	$	355	$	352	$	398
Other Taxes		45		66		35
Taxes on income	$	400	$	418	$	433

Schedule of reconciliation of book net income to taxable income

	For the year ended December 31,
(in thousands)	2017		2016		2015
Net income (loss) per books	$	(15,944)	$	8,378	$	35,014
Adjustments to book income (loss):
Book depreciation and amortization		100,227		92,557		91,201
Tax depreciation and amortization		(62,653)		(59,171)		(53,089)
Tax basis more than book basis on assets sold		(907)		(576)		(2,739)
Straight line rent adjustment, net		(2,977)		(2,976)		(3,493)
Deferred rent, net		1,226		2		618
Non-taxable distributions		(1,289)		(970)		—
Other, net		6,582		(1,648)		995
Taxable income		24,265		35,596		68,507
Less: Capital gains recognized		—		—		10,360
Taxable income subject to distribution requirement	$	24,265	$	35,596	$	58,147

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

	2017				2016				2015
	Per Share		%		Per Share		%		Per Share		%
Ordinary income	$	0.24	31.74	%	$	0.39	50.82	%	$	0.60	79.17	%
Capital gain (1)		—	—	%		—	—	%		0.09	11.60	%
Return of capital		0.52	68.26	%		0.37	49.18	%		0.07	9.23	%
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.