XML 64 R48.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of Income Tax Provision

The income tax provision for the years ended December 31, 2019, 2018 and 2017 is comprised of the following components (dollar amounts in thousands):

	Years Ended December 31,
	2019				2018				2017
Current income tax (benefit) expense
Federal	$	(65	)		$	(273	)		$	1,243
State	43				(7		)		2,130
Total current income tax (benefit) expense	(22		)		(280		)		3,373
Deferred income tax (benefit) expense
Federal	(245		)		(480		)		(25		)
State	(152		)		(297		)		7
Total deferred income tax benefit	(397		)		(777		)		(18		)
Total (benefit) provision	$	(419	)		$	(1,057	)		$	3,355

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory income tax provision to the effective income tax provision for the years ended December 31, 2019, 2018 and 2017, respectively, are as follows (dollar amounts in thousands).

	December 31,
	2019							2018							2017
Provision at statutory rate	$	36,397			21.0	%		$	21,384			21.0	%		$	33,367			35.0	%
Non-taxable REIT income	(37,199		)		(21.5	)		(23,720		)		(23.3	)		(29,857		)		(31.3	)
State and local tax provision (benefit)	43				—			(7		)		—			2,130				2.2
Other	(620		)		(0.4	)		(2,601		)		(2.6	)		1,511				1.6
Valuation allowance	960				0.6			3,887				3.8			(3,796		)		(4.0	)
Total (benefit) provision	$	(419	)		(0.3	)%		$	(1,057	)		(1.1	)%		$	3,355			3.5	%

Schedule of Deferred Tax Assets and Liabilities

The major sources of temporary differences included in the deferred tax assets and their deferred tax effect as of December 31, 2019 and 2018, respectively, are as follows (dollar amounts in thousands):

	December 31, 2019				December 31, 2018
Deferred tax assets
Net operating loss carryforward	$	3,975			$	2,416
Capital loss carryover	739				739
GAAP/Tax basis differences	3,699				3,903
Total deferred tax assets (1)	8,413				7,058
Deferred tax liabilities
Deferred tax liabilities	5				6
Total deferred tax liabilities (2)	5				6
Valuation allowance (1)	(7,029		)		(6,069		)
Total net deferred tax asset	$	1,379			$	983

⁽¹⁾  Included in receivables and other assets in the accompanying consolidated balance sheets.

⁽²⁾ 

Included in accrued expenses and other liabilities in the accompanying consolidated balance sheets.

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

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration