INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Income taxes

Schedule of components of income tax expense and total provision (benefit) for TRS and Operating Partnership

The components of income tax expense for for the years ended December 31, 2015, 2014, and 2013 are as follows (in thousands):

	2015			2014			2013
Current:
Federal	$	81		$	133		$	—
State and local	408			712			408
Deferred
Federal	(159		)	—			3,352
State and local	223			(127		)	597
Total provision	$	553		$	718		$	4,357
Income tax expense (benefit)
From continuing operations	$	553		$	744		$	4,894
From discontinued operations	—			(26		)	(537		)
Total provision	$	553		$	718		$	4,357

Schedule of significant components of deferred tax assets (liabilities)

Significant components of deferred tax assets (liabilities) are as follows (in thousands):

	2015			2014
Tax carryforwards	$	1,481		$	3,187
Investments	(1,349		)	(1,298		)
Accrued expenses	—			580
Other	(20		)	155
Total	112			2,624
Valuation Allowance	—			(2,448		)
Net Deferred Tax Assets	$	112		$	176
Gross Deferred Tax Assets	$	1,515		$	3,943
Gross Deferred Tax Liabilities	(1,403		)	(1,319		)
Valuation Allowance	—			(2,448		)
Net Deferred Tax Assets	$	112		$	176

TRS

Income taxes

Schedule of reconciliation of federal statutory rate to effective income tax rate for TRS

A reconciliation of the federal statutory rate to the effective income tax rate for the TRS follows (in thousands):

	2015			2014			2013
Tax provision (benefit) at U.S. statutory rates on TRS income (loss) subject to tax	$	2,345		$	2,024		$	(809	)
State Income tax, net of federal income tax benefit	486			77			(120		)
Effect of permanent differences and other	(161		)	727			(152		)
Increase (decrease) in valuation allowance	(2,448		)	(2,580		)	5,029
TRS income tax expense	$	222		$	248		$	3,948

TRS and Operating Partnership

Income taxes

Schedule of components of income tax expense and total provision (benefit) for TRS and Operating Partnership

	2015		2014		2013
Total provision (benefit) for TRS and Operating Partnership
TRS Income Tax Expense	$	222	$	248	$	3,948
Operating Partnership state income tax expense	331		470		409
Total provision	$	553	$	718	$	4,357