INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2011

The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences:

	For the year ended December 31,
	2011			2010			2009
Computed "Expected" federal tax expense (benefit) of TRS, at 35%	$	(6,136	)	$	(1,875	)	$	(1,061	)
State income taxes, net of federal income tax effect		(1,146	)		(304	)		(421	)
Changes in valuation allowance		7,282			2,179			1,482

Total income tax expense	$	-		$	-		$	-

Components of consolidated TRS's deferred tax assets

The components of consolidated TRS's deferred tax assets as of December 31, 2011 and 2010 were as follows:

	As of December 31,
	2011			2010
Deferred tax assets:
Net operating loss carryforward	$	13,054		$	5,755
Depreciation		(83	)		(66	)
Net deferred tax assets		12,971			5,689
Valuation allowance		(12,971	)		(5,689	)
Deferred tax assets	$	-		$	-

Taxability of common and preferred share distributions

The following table sets forth certain per share information regarding the Company's common and preferred share distributions for the years ended December 31, 2011, 2010 and 2009.

	2011			2010			2009
Preferred Shares - 8% Series A
Ordinary income		100.00	%		0.00	%		0.00	%
Return of Capital		0.00	%		100.00	%		100.00	%
Capital Gain Distribution		0.00	%		0.00	%		0.00	%
Preferred Shares - 8% Series B
Ordinary income		100.00	%		N/A			N/A
Return of Capital		0.00	%		N/A			N/A
Capital Gain Distribution		0.00	%		N/A			N/A
Common Shares - Class A
Ordinary income		73.30	%		0.00	%		0.00	%
Return of Capital		26.70	%		100.00	%		100.00	%
Capital Gain Distribution		0.00	%		0.00	%		0.00	%