Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of cash, cash equivalents and restricted cash

The following table provides a reconciliation of the cash and cash equivalents and restricted cash reported in the Company's consolidated balance sheets that total to the same amount as reported in the consolidated statements of cash flows (in thousands):



	December 31, 2019		December 31, 2018		December 31, 2017		December 31, 2016
Cash and cash equivalents	$	307,172	$	931,751	$	657,688	$	328,744
Restricted cash included in deferred expenses and other assets, net	45,034		42,793		20,045		25,883
Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows	$	352,206	$	974,544	$	677,733	$	354,627

Schedule of components of income tax expense (benefit)

The following represents the Company's TRS income tax benefit (expense) ($ in thousands):



	For the Years Ended December 31,
	2019			2018			2017
Current tax benefit (expense)⁽¹⁾⁽²⁾	$	(35	)	$	(447	)	$	531
Total income tax (expense) benefit	$	(35	)	$	(447	)	$	531

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(1)

For the year ended December 31, 2017, the Company recognized a tax benefit for alternative minimum tax credits generated from a carryback of NOLs to 2014 and 2015. For the year ended December 31, 2019, excludes a REIT tax expense of $0.4 million, for the year ended December 31, 2018, excludes a REIT tax expense of $0.5 million and for the year ended December 31, 2017, excludes a REIT income tax benefit of $0.4 million.

(2)

Under the Tax Cuts and Jobs Act, the alternative minimum tax credit carryforward is a refundable tax credit over a four year period beginning in 2018 and ending in 2021 upon which the full amount of the credit will be allowed.

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities of the Company's TRS entities were as follows ($ in thousands):



	As of December 31,
	2019			2018
Deferred tax assets⁽¹⁾⁽²⁾	$	79,645		$	78,107
Valuation allowance	(79,645		)	(78,107		)
Net deferred tax assets (liabilities)	$	—		$	—

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(1)

Deferred tax assets as of December 31, 2019 include temporary differences related primarily to asset basis of $32.9 million, deferred expenses and other items of $11.9 million, NOL carryforwards of $32.5 million and other credits of $2.3 million. Deferred tax assets as of December 31, 2018 include temporary differences related primarily to asset basis of $35.3 million, deferred expenses and other items of $17.2 million and NOL carryforwards of $25.6 million. The Company has determined that the change in tax law associated with the Tax Cuts and Jobs Act will not have a material effect on whether its deferred tax assets are realizable.

(2)

Gross deferred tax assets as of December 31, 2017 were valued at the enacted corporate tax rate during the period in which such deferred tax assets are expected to be realized. The Tax Cuts and Jobs Act reduced the federal corporate tax rate to 21% from 35% for taxable years beginning after December 31, 2017. The Company’s TRS’s applied its reduced effective tax rate to compute its gross deferred tax assets before valuation allowance.