Federal Income Tax Reporting (Tables)

12 Months Ended

Dec. 31, 2020

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)	2020		2019		2018
Revised Texas Franchise Tax	$	250	$	394	$	319
Other Taxes		—		(125)		41
Tax expense	$	250	$	269	$	360

Schedule of reconciliation of book net income to taxable income

	For the year ended December 31,
(in thousands)	2020		2019		2018
Net income per GAAP	$	32,615	$	6,475	$	13,069
Adjustments to GAAP net income:
GAAP depreciation and amortization		88,244		90,507		93,675
Tax depreciation and amortization		(79,542)		(66,376)		(62,657)
Tax basis more than GAAP basis on assets sold		(11,450)		—		—
Straight line rent adjustment, net		(1,685)		(10,462)		(1,350)
Deferred rent, net		1,956		535		210
Non-taxable distributions		—		—		(710)
Other, net		390		4,099		(6,651)
Taxable income		30,528		24,778		35,586
Less: Capital gains recognized		7,576		—		—
Taxable income subject to distribution requirement	$	22,952	$	24,778	$	35,586

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

	2020				2019				2018
	Per Share		%		Per Share		%		Per Share		%
Ordinary income (1)	$	0.28	77.51	%	$	0.25	69.96	%	$	0.35	76.39	%
Capital gain		0.06	16.72	%		—	—	%		—	—	%
Return of capital		0.02	5.77	%		0.11	30.04	%		0.11	23.61	%
Total	$	0.36	100	%	$	0.36	100	%	$	0.46	100	%