Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense for the years ended December 31:



	2012						2011									2010
	Federal		State		Total		Federal			State			Total			Federal			State			Total
Current	$	267	$	2,603	$	2,870	$	110		$	588		$	698		$	1,502		$	1,466		$	2,968
Deferred	4,412		489		4,901		(3,837		)	(248		)	(4,085		)	(6,698		)	(788		)	(7,486		)
Total income expense (benefit)	$	4,679	$	3,092	$	7,771	$	(3,727	)	$	340		$	(3,387	)	$	(5,196	)	$	678		$	(4,518	)

Schedule of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities at December 31, 2012 and 2011 were as follows:



	2012			2011
Net operating loss	$	11,618		$	16,084
Deferred income	2,657			1,536
Basis difference on development property	31,916			31,916
Lease acquisition costs	—			314
Depreciation expense	879			753
Miscellaneous	(190		)	118
Total deferred tax assets	46,880			50,721
Less: Valuation allowance	(39,360		)	(38,300		)
Net deferred tax assets	$	7,520		$	12,421
Deferred tax liabilities	$	—		$	—

Nature of Common Distributions Paid

A summary of the average taxable nature of the Company’s common distributions paid for each of the years in the three year period ended December 31, 2012 is as follows:



	2012		2011		2010
Ordinary income	$	0.07	$	0.19	$	0.17
Return of capital	0.43		0.31		0.33
Total distributions per share	$	0.50	$	0.50	$	0.50