SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of depreciation and estimated useful lives of assets

Land improvements	3-20 years
Buildings and improvements	3-40 years
Furniture, fixtures and equipment	5-10 years
Computer software	5 years

Schedule of reconciliation of net income to taxable income

	2012			2011			2010
	(Estimate)			(Actual)			(Actual)
Net income	$	163,622		$	47,664		$	26,318
Net income attributable to noncontrolling interest	(28,320		)	(9,808		)	(6,237		)
Net loss of taxable REIT Subsidiary included in net income	5			4			54
Net loss of taxable VIE, including impairment of real property	—			—			821
Net income from REIT operations	135,307			37,860			20,956
Book to tax differences:
Book depreciation and amortization	139,067			114,138			96,153
Tax depreciation and amortization	(143,893		)	(117,822		)	(96,158		)
Gains/losses from capital transactions	(62,507		)	(22		)	(86		)
Carrying value of mortgages	(784		)	(575		)	(322		)
Equity compensation	(857		)	(3,928		)	(1,770		)
Amortization of debt discount	—			1,409			1,586
Property acquisition costs	2,210			2,551			2,188
Other, net	(1,934		)	1,912			1,609
Adjusted taxable income subject to 90% REIT dividend requirement	$	66,609		$	35,523		$	24,156