Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Federal Income Taxes [Abstract]

Reconciliation of U.S. GAAP net income to taxable income

		2014 Estimate (unaudited)		2013 Actual		2012 Actual
U.S. GAAP net income	$	4,237,803	$	5,836,823	$	6,474,057
Add:  U.S. GAAP net loss of taxable REIT subsidiary included above		3,946,571		2,746,526		3,081,837
U.S. GAAP net income from REIT operations		8,184,374		8,583,349		9,555,894
Stock compensation expense		922,944		850,349		573,244
Acquisition costs and other book / tax differences, net		(1,238,794)		351,413		(344,027)
Taxable income before adjustments		7,868,524		9,785,111		9,785,111
Less:  Capital gains		(1,514,518)		(3,630,548)		(4,146,773)
Adjusted taxable income subject to 90% dividend requirement	$	6,354,006	$	6,154,563	$	5,638,338

Reconciliation between cash dividends paid and dividends paid deduction

		2014 Estimate (unaudited)		2013 Actual		2012 Actual
Cash dividends paid	$	23,842,416	$	21,120,059	$	16,798,495
Less:  Portion designated as capital gains distributions		(1,514,518)		(3,630,548)		(4,146,773)
Less: Return of capital		(15,973,892)		(11,334,948)		(7,013,384)
Dividends paid deduction	$	6,354,006	$	6,154,563	$	5,638,338

Characterization of distributions paid per share

			2014				2013				2012
		Amount		Percent		Amount		Percent		Amount		Percent
Ordinary income	$	0.01114		1.55%	$	0.12844		17.84%	$	0.07892		10.96%
Capital gains		0.00265		.37%		0.05835		8.10%		0.08391		11.65%
Return of capital		0.70621		98.08%		0.53321		74.06%		0.55717		77.39%
	$	0.72		100%	$	0.72		100%	$	0.72		100%