Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019		2018
Current tax benefit (expense)(1)(2)	$	(106)	$	(35)	$	(447)

Total income tax (expense) benefit	$	(106)	$	(35)	$	(447)

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(1)For the years ended December 31, 2020, 2019, and 2018, excludes a REIT tax expense of $0.1 million, $0.4 million, $0.5 million, respectively.

(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. The CARES Act enacted on March 27, 2020 permits corporate taxpayers to accelerate the full amount of its alternative minimum tax credits. The Company filed a claim for refund and received a $3.0 million refund for which the benefit had been recognized in 2017.

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,
	2020		2019
Deferred tax assets(1)	$	80,101	$	79,645
Valuation allowance	(80,101)		(79,645)
Net deferred tax assets (liabilities)	$	—	$	—

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(1)Deferred tax assets as of December 31, 2020 include temporary differences related primarily to asset basis of $26.7 million, deferred expenses and other items of $12.7 million, NOL carryforwards of $38.4 million and other credits of $2.3 million. 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 and NOL carryforwards of $32.5 million and other credits of $2.3 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.