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Income Taxes
9 Months Ended
Sep. 30, 2011
Income Tax Disclosure [Abstract] 
Income Taxes
Income Taxes
 
The Company is qualified as a REIT under the provisions of the Code. To maintain qualification as a REIT, the Company is required to distribute at least 90% of its taxable income to shareholders and meet certain other requirements.
 
As a REIT, the Company is generally not liable for federal corporate income taxes. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal and state income taxes on its taxable income at regular corporate tax rates. Even if the Company maintains its qualification as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed income. State tax expense was $1,045 and $1,084 during the three months ended September 30, 2011 and 2010, respectively, and $3,090 and $3,348 during the nine months ended September 30, 2011 and 2010, respectively.

The Company has also elected taxable REIT subsidiary status for some of its subsidiaries.  This enables the Company to receive income and provide services that would otherwise be impermissible for REITs. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance resulting from changes in circumstances that may affect the realizability of the related deferred tax asset is included in income or expense, as applicable.
 
The Company recorded an income tax provision of $4,653 and a benefit of $1,264 for the three months ended September 30, 2011 and 2010, respectively. The income tax provision in 2011 consisted of a current tax provision of $4,759 and deferred tax benefit of $106.  The income tax benefit in 2010 consisted of a current and a deferred tax benefit of $928 and $336, respectively.  
 
The Company recorded an income tax benefit of $1,770 and $5,052 for the nine months ended September 30, 2011 and 2010, respectively.  The income tax benefit in 2011 consisted of a current tax provision of $3,262 and a deferred tax benefit of $5,032.  The income tax benefit in 2010 consisted of a current tax benefit of $7,927 and a deferred tax provision of $2,245.
 
The Company had deferred tax assets of $5,904 and $7,074 at September 30, 2011 and December 31, 2010, respectively. The Company also had a deferred tax liability of $2,941 at December 31, 2010.  The deferred tax assets are included in other assets, while the deferred tax liability is included in accounts payable and accrued liabilities.  The deferred taxes primarily consisted of operating expense accruals, net operating loss carryforwards, share-based compensation and differences between book and tax depreciation.  There was no deferred tax liability at September 30, 2011.
 
The Company reports any income tax penalties attributable to its properties as property operating expenses and any corporate-related income tax penalties as general and administrative expenses in its statement of operations.  In addition, any interest incurred on tax assessments is reported as interest expense.  The Company reported nominal interest and penalty amounts for the three and nine month periods ended September 30, 2011 and 2010, respectively.