TAXABLE INCOME AND TAX BASIS (Tables)

12 Months Ended

Dec. 31, 2020

TAXABLE INCOME AND TAX BASIS

Schedule of reconciliation of GAAP net income to taxable income

	For the year ended
	December 31,
	2020		2019		2018
	(in thousands)
Financial statement (“book”) net income	$	1,425	$	6,547	$	4,169
Book/Tax differences from depreciation and amortization		5,426		(10,177)		(4,675)
Book/Tax differences on tax free exchanges		1,201		1,223		1,087
Book/Tax differences from Investment Properties		(69)		1,624		313
Increase in prepaid rent and allowances		936		1,226		234
Business interest limitation		—		1,596		3,713
Other items		(341)		—		—
Taxable income	$	8,578	$	2,039	$	4,841