Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes

Schedule of (benefit) provision for income taxes

	Years Ended December 31,
	2012			2011		2010
Current tax (benefit) provision:
Federal	$	(1,025,508	)	$	—	$	—
State		245,517			—		850,000
Total current tax (benefit) provision		(779,991	)		—		850,000
Deferred tax (benefit) provision:
Federal—net of valuation allowance		(13,695	)		—		977,915
State—net of valuation allowance		(7,872	)		—		732,085
Total deferred tax (benefit) provision		(21,567	)		—		1,710,000
Total (benefit) provision	$	(801,558	)	$	—	$	2,560,000

Schedule of difference between effective income tax rate as a percentage of pretax income or loss that and the U.S. federal statutory rate

	Years Ended December 31,
	2012			2011			2010
U.S. federal statutory rate		35.0	%		35.0	%		35.0	%
REIT non-taxable income		(41.0	)		(41.9	)		(34.1	)
State and local income taxes, net of federal tax benefit		(1.1	)		(0.9	)		0.7
Change in valuation allowance		9.8			7.8			0.6
Refund		(6.5	)		—			—
Effective income tax rate		(3.8	)%		—	%		2.2	%

Summary of significant components of deferred tax assets (liabilities)

	December 31,
	2012			2011
Deferred tax assets (liabilities):
Expenses not currently deductible	$	1,705,929		$	—
Net operating and capital loss carryforwards		3,180,736			5,370,646
Interest in equity affiliates—net		(1,034,317	)		(256,516	)
Deferred tax assets		3,852,348			5,114,130
Valuation allowance		(3,830,781	)		(5,114,130	)
Net deferred tax asset	$	21,567		$	—