TAXABLE INCOME AND TAX BASIS (Tables)

12 Months Ended

Dec. 31, 2019

TAXABLE INCOME AND TAX BASIS

Schedule of reconciliation of GAAP net income to taxable income

	For the year ended
	December 31,
	2019		2018		2017
	(in thousands)
Financial statement (“book”) net income	$	6,547	$	4,169	$	6,938
Book/Tax differences from depreciation and amortization		(10,177)		(4,675)		(3,097)
Book/Tax differences on tax free exchanges		1,223		1,087		1,344
Book/Tax differences from Investment Properties		1,624		313		—
Increase in prepaid rent and allowances		1,226		234		253
Business Interest Limitation		1,596		3,713		—
Taxable income	$	2,039	$	4,841	$	5,438