|
INCOME TAXES (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Income Tax Disclosure [Abstract] |
|
| Schedule of components of income before income taxes and the effect of adjustments to tax computed at the federal statutory rate |
| |
|
2013 |
|
|
2012 |
|
| Income (loss) before income taxes |
|
$ |
17,684,000 |
|
|
($ |
60,000 |
) |
| Computed tax at federal statutory rate of 34% |
|
$ |
6,012,000 |
|
|
($ |
20,000 |
) |
| State taxes at 5.5% |
|
|
973,000 |
|
|
|
(4,000 |
) |
| REIT capital gains dividend paid |
|
|
(1,645,000 |
) |
|
|
— |
|
| Utilization of net operating loss carryover |
|
|
(2,408,000 |
) |
|
|
— |
|
| REIT related adjustments |
|
|
(407,000 |
) |
|
|
(21,000 |
) |
| Unrealized gain from marketable securities for book not tax |
|
|
(26,000 |
) |
|
|
(31,000 |
) |
| Other items, net |
|
|
9,000 |
|
|
|
10,000 |
|
| Tax provision for (benefit from) income taxes |
|
$ |
2,508,000 |
|
|
($ |
66,000 |
) |
|
| Schedule of benefit from income taxes in the consolidated statements of comprehensive income |
| Year ended December 31, |
|
2013 |
|
|
2012 |
|
| Current: |
|
|
|
|
|
|
|
|
| Federal |
|
|
1,347,000 |
|
|
|
— |
|
| State |
|
|
246,000 |
|
|
|
— |
|
| |
|
|
1,593,000 |
|
|
|
— |
|
| Deferred: |
|
|
|
|
|
|
|
|
| Federal |
|
$ |
905,000 |
|
|
($ |
60,000 |
) |
| State |
|
|
10,000 |
|
|
|
(6,000 |
) |
| |
|
|
915,000 |
|
|
|
(66,000 |
) |
| Total |
|
$ |
2,508,000 |
|
|
($ |
66,000 |
) |
|
| Schedule of components of the deferred tax assets and liabilities |
| |
|
As of December 31, 2013 |
|
|
As of December 31, 2012 |
|
| |
|
Deferred tax |
|
|
Deferred tax |
|
| |
|
Assets |
|
|
Liabilities |
|
|
Assets |
|
|
Liabilities |
|
| Net operating loss carry forward |
|
$ |
110,000 |
|
|
|
|
|
|
$ |
471,000 |
|
|
|
|
|
| Excess of book basis of 49% owned corporation over tax basis |
|
|
|
|
|
$ |
424,000 |
|
|
|
|
|
|
$ |
418,000 |
|
| Excess of tax basis over book basis of assets associated with real estate interests held for sale |
|
|
— |
|
|
|
|
|
|
|
286,000 |
|
|
|
|
|
| Unrealized gain on marketable securities |
|
|
|
|
|
|
105,000 |
|
|
|
|
|
|
|
32,000 |
|
| Excess of tax basis over book basis of other investments |
|
|
306,000 |
|
|
|
104,000 |
|
|
|
508,000 |
|
|
|
117,000 |
|
| Totals |
|
$ |
416,000 |
|
|
$ |
633,000 |
|
|
$ |
1,265,000 |
|
|
$ |
567,000 |
|
|