XML 39 R27.htm IDEA: XBRL DOCUMENT
v3.19.1

Income Taxes | 3 Months Ended
--- | ---
Mar. 31, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes For the three months ended March 31, 2019 and March 31, 2018, the Company qualified to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes at least 100% of its taxable income to stockholders and does not engage in prohibited transactions. Certain activities the Company performs may produce income that will not be qualifying income for REIT purposes. The Company has designated its TRSs to engage in these activities. The tables below reflect the taxes accrued at the TRS level and the tax attributes included in the consolidated financial statements. The income tax provision for the three months ended March 31, 2019 and March 31, 2018 is comprised of the following components (dollar amounts in thousands):
| Three Months Ended March 31,
| 2019 |  | 2018
Current income tax (benefit) expense | $ | (7 | ) |  | $ | — |
Deferred income tax expense (benefit) | 81 |  |  | (79 | )
Total provision (benefit) | $ | 74 |  |  | $ | (79 | )
Deferred Tax Assets and Liabilities The major sources of temporary differences included in the deferred tax assets and their deferred tax effect as of March 31, 2019 and December 31, 2018 are as follows (dollar amounts in thousands):
| March 31, 2019 |  | December 31, 2018
Deferred tax assets |  |  |
Net operating loss carryforward | $ | 2,826 |  |  | $ | 2,416 |
Capital loss carryover | 976 |  |  | 739 |
GAAP/Tax basis differences | 4,056 |  |  | 3,903 |
Total deferred tax assets (1) | 7,858 |  |  | 7,058 |
Deferred tax liabilities |  |  |
Deferred tax liabilities | 7 |  |  | 6 |
Total deferred tax liabilities (2) | 7 |  |  | 6 |
Valuation allowance (1) | (6,949 | ) |  | (6,069 | )
Total net deferred tax asset | $ | 902 |  |  | $ | 983 |
(1) | Included in receivables and other assets in the accompanying condensed consolidated balance sheets.
(2) | Included in accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets.
As of March 31, 2019, the Company, through wholly-owned TRSs, had incurred net operating losses in the aggregate amount of approximately $8.3 million. The Company’s carryforward net operating losses can be carried forward indefinitely until they are offset by future taxable income. Additionally, as of March 31, 2019, the Company, through one of its wholly-owned TRSs, had also incurred approximately $2.9 million in capital losses. The Company's carryforward capital losses will expire between 2023 and 2024 if they are not offset by future capital gains. At March 31, 2019, the Company has recorded a valuation allowance against certain deferred tax assets as management does not believe that it is more likely than not that these deferred tax assets will be realized. The Company files income tax returns with the U.S. federal government and various state and local jurisdictions. The Company's federal, state and city income tax returns are subject to examination by the Internal Revenue Service and related tax authorities generally for three years after they were filed. The Company has assessed its tax positions for all open years and concluded that there are no material uncertainties to be recognized. In addition, based on the Company’s evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration