INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

INCOME TAXES

Schedule of total income tax benefit (expense)

	Year ended December 31,
	2018		2017		2016
Income Tax (Expense) Benefit from Continuing Operations	$	(14,162,966)	$	10,326,298	$	(12,092,513)
Income Tax (Expense) Benefit from Discontinued Operations		608,222		(391,032)		255,659
Total Consolidated Income Tax Benefit (Expense)	$	(13,554,744)	$	9,935,266	$	(11,836,854)

Summary of provisions for income tax benefit (expense)

	2018				2017				2016
	Current		Deferred		Current		Deferred		Current		Deferred
Federal	$	(543,559)	$	(12,648,423)	$	794,174	$	8,708,485	$	(159,596)	$	(10,996,276)
State		(299,636)		(671,348)		70,384		753,255		(311,525)		(625,116)
Total	$	(843,195)	$	(13,319,771)	$	864,558	$	9,461,740	$	(471,121)	$	(11,621,392)

Summary of deferred income tax assets (liabilities)

	Deferred Tax
	2018		2017
Deferred Income Tax Assets
Depreciation	$	4,904,976	$	2,073,439
Intangible Lease Liabilities		7,111,608		7,512,629
Income Property Tenant Contributions		1,069,882		—
Impairment Reserves		1,393,415		1,139,918
Stock Options and Restricted Stock		977,210		883,725
Net Operating Loss Carryforward		—		266,036
Capital Loss Carryforward		20,750		20,750
Deferred Oil Lease Income		121,323		148,439
Other - Net		44,967		60,480
Gross Deferred Income Tax Assets		15,644,131		12,105,416
Less - Valuation Allowance		(272,966)		(272,966)
Net Deferred Income Tax Assets		15,371,165		11,832,450
Deferred Income Tax Liabilities
Sales of Real Estate		(67,388,733)		(52,720,764)
Income Property Lease Incentive		(606,820)		—
Discount on Equity Component of Convertible Debt		(238,200)		(421,895)
Basis Difference in Joint Venture		(764,566)		(224,715)
Interest Rate Swap		(486,543)		(452,873)
Deferred Revenue (Net of Straight-line Rent Adjustments)		(578,034)		(226,673)
Other - Net		(78,176)		(79,394)
Total Deferred Income Tax Liabilities		(70,141,072)		(54,126,314)
Net Deferred Income Tax Liabilities	$	(54,769,907)	$	(42,293,864)

Schedule of reconciliation of income tax computed at the federal statutory rate

	Year ended December 31,
	2018		2017		2016
Income Tax (Expense) Benefit Computed at Federal Statutory Rate	$	(11,137,038)	$	(10,137,092)	$	(9,475,601)
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		(2,985,086)		(1,703,805)		(1,693,578)
Income Tax on Permanently Non-Deductible Items		(31,466)		66,015		(1,015,936)
Change in Corporate Federal Tax Rate		—		22,249,536		—
Other Reconciling Items		(9,376)		(148,356)		92,602
Benefit (Expense) for Income Taxes	$	(14,162,966)	$	10,326,298	$	(12,092,513)