Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes

Income Tax Disclosure [Text Block]

Note 12 — Income Taxes

       Federal income taxes are not provided for because we qualify as a REIT under the provisions of the Internal Revenue Code and because we have distributed and intend to continue to distribute all of our taxable income to our stockholders. Our stockholders include their proportionate taxable income in their individual tax returns. As a REIT, we must distribute at least 90% of our real estate investment trust taxable income to our stockholders and meet certain income sources and investment restriction requirements. In addition, REITs are subject to a number of organizational and operational requirements. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax (including any applicable alternative minimum tax) on our taxable income at regular corporate tax rates.  The Company’s federal income tax returns for the years ended December 31, 2009 and 2010 have not been examined by the Internal Revenue Service.  The Company’s federal income tax return for the year ended December 31, 2009 may be examined on or before September 15, 2013.

 Taxable income differs from net income for financial reporting purposes principally due to differences in the timing of recognition of interest, real estate taxes, depreciation and rental revenue.

For Federal income tax purposes, the cash dividends distributed to stockholders are characterized as follows for the years ended December 31:

	2011		2010
Ordinary income (unaudited)	-%		-%
Return of capital (unaudited)	100.0%		100.0%
Capital gains distribution (unaudited)	-%	-	-%
Total	100.0%		100.0%

                A provision for Texas Franchise tax under the Texas Margin Tax Bill in the amount of $14,966 and $0 was recorded in the consolidated financial statements for the year ended December 31, 2011 and 2010, respectively with a corresponding charge to real estate taxes and insurance.