Annual report pursuant to Section 13 and 15(d)

Income Taxes (Details 2)

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Income Taxes (Details 2) (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Other income tax information      
Approximate amount by which basis of assets and liabilities for tax reporting purposes is lower than amount reported on consolidated balance sheet $ 369,000,000    
Income tax expense      
Reported on line entitled income tax (benefit) expense (10,679,000) 108,000 196,000
TRS
      
Other income tax information      
(Loss) income before income taxes (27,700,000) 345,000 506,000
Deferred income tax (benefit) expense      
Federal (8,760,000) (64,000) 115,000
State (1,938,000) (14,000) 25,000
Total deferred income tax (benefit) expense (10,698,000) (78,000) 140,000
Current income tax (benefit) expense      
Federal 16,000 161,000 46,000
State 3,000 36,000 10,000
Total current income tax (benefit) expense 19,000 197,000 56,000
Total income tax (benefit) expense (10,679,000) 119,000 196,000
Income tax expense      
Reported on line entitled income tax (benefit) expense (10,679,000) 108,000 196,000
Reported on line entitled gain on sale of real estate, net   11,000  
Total income tax (benefit) expense $ (10,679,000) $ 119,000 $ 196,000
Reconciliation of Federal statutory rate to the effective tax rate      
Income taxes at U.S. statutory rate (as a percent) 34.00% 34.00% 34.00%
State and local, net of U.S. Federal tax benefit (as a percent) 4.60% 4.20% 4.60%
Other (as a percent) 0.00% (3.50%) 0.10%
Effective tax rate (as a percent) 38.60% 34.70% 38.70%
Common Shares
      
Dividends      
Ordinary income (as a percent) 56.90% 59.70% 87.50%
Capital gain (as a percent) 9.40% 8.00% 0.00%
Return of capital (as a percent) 33.70% 32.30% 12.50%
Preferred Shares
      
Dividends      
Ordinary income (as a percent) 85.90% 88.30% 100.00%
Capital gain (as a percent) 14.10% 11.70% 0.00%
Return of capital (as a percent) 0.00% 0.00% 0.00%