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FEDERAL INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2012
Income Tax Disclosure [Abstract]  
Schedule of Tax Status of Dividends [Table Text Block]
The Company has determined that the cash distributed to the shareholders is characterized as follows for Federal income tax purposes:
 
 
For the years ended December 31,
 
 
2012
 
2011
 
2010
Ordinary income
 
63
%
 
75
%
 
100
%
Qualified dividend
 
—
%
 
22
%
 
—
%
Capital gain
 
37
%
 
3
%
 
—
%
 
 
100
%
 
100
%
 
100
%
Schedule of TRS Income and Provision for Income Taxes [Table Text Block]
The Company’s TRS income and provision for income taxes for the years ended December 31, 2012, 2011 and 2010 are summarized as follows:
(dollars in thousands)
 
2012
 
2011
 
2010
TRS (loss) income before income taxes
 
$
(2,056
)
 
$
376

 
$
5,716

(Benefit) provision for income taxes:
 


 


 


Federal
 
(592
)
 
222

 
2,164

State and local
 
(147
)
 
59

 
543

TRS net (loss) income before noncontrolling interests
 
(1,317
)
 
95

 
3,009

Noncontrolling interests
 
702

 
1,245

 
(545
)
TRS net (loss) income
 
$
(615
)
 
$
1,340

 
$
2,464
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
The income tax provision differs from the amount computed by applying the statutory federal income tax rate to income before income taxes as follows (not adjusted for temporary book/tax differences):
(dollars in thousands)
 
2012
 
2011
 
2010
Federal (benefit) provision at statutory tax rate
 
$
(699
)
 
$
128

 
$
1,943

TRS state and local taxes, net of federal benefit
 
(109
)
 
20

 
358

Tax effect of:
 


 


 


Permanent differences, net
 
809

 
(279
)
 
406

Prior year overaccrual, net
 
(553
)
 
—

 
—

Restricted stock vesting
 
(159
)
 
266

 
—

Other
 
(35
)
 
133

 
(21
)
REIT state and local income and franchise taxes
 
178

 
193

 
183

Total (benefit) provision for income taxes
 
$
(568
)
 
$
461

 
$
2,869