FEDERAL INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Tax Status of Dividends

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,
	2014		2013		2012
Ordinary income	69	%	87	%	63	%
Qualified dividend	—	%	—	%	—	%
Capital gain	31	%	13	%	37	%
	100	%	100	%	100	%

Schedule of TRS Income and Provision for Income Taxes

The Company’s TRS income and provision for income taxes for the years ended December 31, 2014, 2013 and 2012 are summarized as follows:

(dollars in thousands)	2014			2013			2012
TRS loss before income taxes	$	(36	)	$	(2,225	)	$	(2,056	)
(Provision) benefit for income taxes:
Federal	(377		)	276			592
State and local	(97		)	71			147
TRS net loss before noncontrolling interests	(510		)	(1,878		)	(1,317		)
Noncontrolling interests	(508		)	267			702
TRS net loss	$	(1,018	)	$	(1,611	)	$	(615	)

Schedule of Effective Income Tax Rate Reconciliation

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)	2014			2013			2012
Federal benefit at statutory tax rate	$	(12	)	$	(757	)	$	(699	)
TRS state and local taxes, net of federal benefit	(2		)	(117		)	(109		)
Tax effect of:
Permanent differences, net	446			496			809
Prior year overaccrual, net	1			128			(553		)
Restricted stock vesting	(20		)	(2		)	(159		)
Other	61			127			(41		)
REIT state and local income and franchise taxes	155			144			178
Total provision (benefit) for income taxes	$	629		$	19		$	(574	)