| Schedule of reconciliation of financial statement net income to federal taxable income |
The following table reconciles financial statement net income to federal taxable income for the years indicated (amounts in thousands):
|
|
|
2016
Estimate
|
|
2015
Actual
|
|
2014
Actual
|
|
|
Net income
|
|
$
|
24,422
|
|
$
|
20,517
|
|
$
|
22,116
|
|
|
Straight-line rent adjustments
|
|
|
(2,261
|
)
|
|
(996
|
)
|
|
(1,480
|
)
|
|
Book gain on sale—(in excess of) less than tax gain
|
|
|
(2,281
|
)
|
|
(663
|
)
|
|
10,522
|
|
|
Rent received in advance, net
|
|
|
584
|
|
|
(42
|
)
|
|
(180
|
)
|
|
Adjustments for above/below market leases
|
|
|
(643
|
)
|
|
(564
|
)
|
|
(253
|
)
|
|
Non-deductible portion of restricted stock expense
|
|
|
1,193
|
|
|
614
|
|
|
(149
|
)
|
|
Federal excise tax, non-deductible
|
|
|
6
|
|
|
174
|
|
|
302
|
|
|
Book depreciation in excess of tax depreciation
|
|
|
4,248
|
|
|
3,799
|
|
|
2,970
|
|
|
Property acquisition costs—capitalized for tax purposes
|
|
|
605
|
|
|
793
|
|
|
417
|
|
|
Impairment loss
|
|
|
—
|
|
|
—
|
|
|
1,093
|
|
|
Other adjustments
|
|
|
(312
|
)
|
|
(193
|
)
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal taxable income
|
|
$
|
25,561
|
|
$
|
23,439
|
|
$
|
35,384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of reconciliation of cash dividends paid with the dividends paid deduction |
The following table reconciles cash dividends paid with the dividends paid deduction for the years indicated (amounts in thousands):
|
|
|
2016
Estimate
|
|
2015
Actual
|
|
2014
Actual
|
|
|
Dividends paid
|
|
$
|
29,135
|
|
$
|
26,179
|
|
$
|
24,117
|
|
|
Dividend reinvestment plan(a)
|
|
|
181
|
|
|
228
|
|
|
197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,316
|
|
|
26,407
|
|
|
24,314
|
|
|
Less: Spillover dividends designated to previous year
|
|
|
(15,209
|
)
|
|
(18,177
|
)
|
|
(7,107
|
)
|
|
Plus: Dividends designated from following year
|
|
|
11,454
|
|
|
15,209
|
|
|
18,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid deduction
|
|
$
|
25,561
|
|
$
|
23,439
|
|
$
|
35,384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Reflects the up to 5% discount on common stock purchased through the dividend reinvestment plan.
|
|