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Income taxes
 6 Months Ended
Jun. 30, 2015
Income Tax Disclosure [Abstract]  
Income taxes

Note 11 — Income taxes

 

As a REIT, the Company must meet certain organizational and operational requirements including the requirement to distribute at least 90% of its annual REIT taxable income to its stockholders. As a REIT, the Company generally will not be subject to U.S. federal income tax to the extent the Company distributes its REIT taxable income to its stockholders and provided the Company satisfies the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification.

 

The Company’s consolidated financial statements include the operations of Thetis TRS and GAJX Real Estate LLC, which are subject to U.S. federal, state and local income taxes on the Company’s taxable income.

 

For the three- and six-months ended June 30, 2015, the Company’s taxable income was $3.6 million and $5.2 million, respectively. The Company recorded $16,400 of income tax expense for both the three- and six-months ended June 30, 2015 and the Company recognized no deferred income tax assets or liabilities on its consolidated balance sheet at June 30, 2015 or December 31, 2014 due to immateriality. The Company also recorded no interest or penalties for the three- or six- month periods ended June 30, 2015.

 

The Company’s 2014 U.S. federal, state and local tax returns remain open for examination. The Company has concluded that it had no uncertain tax positions for its 2014 tax year.