INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of components of income before income taxes and the effect of adjustments to tax computed at the federal statutory rate

	2013			2012
Income (loss) before income taxes	$	17,684,000		($	60,000	)
Computed tax at federal statutory rate of 34%	$	6,012,000		($	20,000	)
State taxes at 5.5%		973,000			(4,000	)
REIT capital gains dividend paid		(1,645,000	)		—
Utilization of net operating loss carryover		(2,408,000	)		—
REIT related adjustments		(407,000	)		(21,000	)
Unrealized gain from marketable securities for book not tax		(26,000	)		(31,000	)
Other items, net		9,000			10,000
Tax provision for (benefit from) income taxes	$	2,508,000		($	66,000	)

Schedule of benefit from income taxes in the consolidated statements of comprehensive income

Year ended December 31,	2013		2012
Current:
Federal		1,347,000		—
State		246,000		—
		1,593,000		—
Deferred:
Federal	$	905,000	($	60,000	)
State		10,000		(6,000	)
		915,000		(66,000	)
Total	$	2,508,000	($	66,000	)

Schedule of components of the deferred tax assets and liabilities

	As of December 31, 2013				As of December 31, 2012
	Deferred tax				Deferred tax
	Assets		Liabilities		Assets		Liabilities
Net operating loss carry forward	$	110,000			$	471,000
Excess of book basis of 49% owned corporation over tax basis			$	424,000			$	418,000
Excess of tax basis over book basis of assets associated with real estate interests held for sale		—				286,000
Unrealized gain on marketable securities				105,000				32,000
Excess of tax basis over book basis of other investments		306,000		104,000		508,000		117,000
Totals	$	416,000	$	633,000	$	1,265,000	$	567,000