Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Significant Accounting Policies [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The table below details the current and deferred income tax benefit (expense) for the years ended December 31, 2019, 2018 and 2017 (in thousands):

	2019			2018			2017
Current TRS income tax	$	376		$	(221	)	$	(163	)
Current state income tax expense	(405		)	(422		)	(360		)
Current foreign income tax	—			—			(36		)
Current foreign withholding tax	(1,051		)	(1,069		)	(1,071		)
Deferred TRS income tax benefit	3,719			319			137
Deferred foreign withholding tax	—			—			43
Deferred income tax benefit (expense)	396			(892		)	(949		)
Income tax benefit (expense)	$	3,035		$	(2,285	)	$	(2,399	)

Schedule of Deferred Tax Assets and Liabilities

The Company’s consolidated deferred tax position is summarized as follows (in thousands):

	2019			2018
Fixed assets	$	14,462		$	12,948
Net operating losses	1,656			359
Start-up costs	2,768			347
Other	367			457
Total deferred tax assets	$	19,253		$	14,111
Capital improvements	$	(2,765	)	$	(2,079	)
Straight-line receivable	(1,097		)	(1,271		)
Other	(1		)	(1		)
Total deferred tax liabilities	$	(3,863	)	$	(3,351	)
Net deferred tax asset	$	15,390		$	10,760

Schedule of Intangible Assets and Goodwill

Intangible assets and liabilities (included in Other assets and Accounts payable and accrued liabilities in the accompanying consolidated balance sheets) consist of the following at December 31 (in thousands):

	2019		2018
Assets:
In-place leases, net of accumulated amortization of $10.8 million and $7.7 million, respectively	$	24,528	$	21,749
Above-market lease, net of accumulated amortization of $1.1 million and $1.0 million, respectively	71		154
Tradenames, net of accumulated amortization of $184 thousand and $53 thousand, respectively (1)	8,980		9,110
Contract value, net of accumulated amortization of $548 thousand and $183 thousand, respectively	10,420		10,785
Goodwill	693		693
Total intangible assets, net	$	44,692	$	42,491
Liabilities:
Below-market lease, net of accumulated amortization of $1.1 million and $0.7 million, respectively	$	8,934	$	8,100

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Future amortization of in-place leases, net, above-market lease, net, tradenames, net, contract value, net and below-market lease, net at December 31, 2019 is as follows (in thousands):

	In place leases		Tradenames (1)		Contract Value		Above-market lease		Below-market lease
Year:
2020	$	3,348	$	133	$	365	$	20	$	(503	)
2021	2,959		133		365		10		(473		)
2022	2,334		133		365		6		(438		)
2023	2,305		133		365		6		(415		)
2024	2,247		133		365		6		(400		)
Thereafter	11,335		2,960		8,595		23		(6,705		)
Total	$	24,528	$	3,625	$	10,420	$	71	$	(8,934	)
Weighted average amortization period (years)	11.9		28.2		28.5		6.9		30.3
(1) Excludes $5.4 million in tradenames with indefinite lives.