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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense The components of the income tax (expense) benefit for the years ended December 31, 2019, 2018 and 2017 were as follows (in thousands):

 

Years Ended December 31,

 

 

2019

 

2018

 

2017

 

Current:

 

 

 

 

 

 

 

 

 

Federal

$

51

 

$

113

 

$

(245)

 

State

 

(558)

 

 

(477)

 

 

(448)

 

Total current expense

 

(507)

 

 

(364)

 

 

(693)

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

(1,562)

 

 

(3,333)

 

 

8,826

 

State

 

(120)

 

 

66

 

 

305

 

Total deferred benefit

 

(1,682)

 

 

(3,267)

 

 

9,131

 

Income tax (expense) benefit

$

(2,189)

 

$

(3,631)

 

$

8,438

 

 

Significant Components of Deferred Tax Assets Significant components of the Company’s deferred tax assets as of December 31, 2019 and 2018 are as follows:

 

2019

 

2018

 

Carryforwards of net operating loss

$

3,653

 

$

6,046

 

Minimum tax credit carryforward

 

59

 

 

118

 

Prepaid rent

 

1,648

 

 

712

 

Valuation allowance

 

(1,096)

 

 

(946)

 

Deferred tax assets, net

$

4,264

 

$

5,930

 

 

Reconciliation of Income Tax (Expense) Benefit

A reconciliation of the income tax (expense) benefit computed at the statutory federal tax rate on income before income taxes is as follows (in thousands):

 

 

Years Ended December 31,

 

 

2019

 

2018

 

2017

 

Tax (expense) benefit computed

at federal statutory rate

$

(136)

 

(21.00)

 

$

3,593

 

21.00

 

$

9,442

 

35.00

%

 

Impact of REIT election

 

(1,437)

 

(221.44)

%

 

 

(6,922)

 

(40.45)

 

 

(10,650)

 

(39.48)

 

State income tax expense net of

federal benefit

 

(466)

 

(71.76)

%

 

 

(399)

 

(2.33)

%

 

 

(331)

 

(1.23)

%

 

Effect of change in future tax

rates

 

 

%

 

 

 

%

 

 

1,861

 

6.90

%

 

Effect of change in valuation

allowance

 

(150)

 

(23.11)

%

 

 

97

 

0.57

%

 

 

8,116

 

30.09

%

 

Income tax (expense) benefit

$

(2,189)

 

(337.31)

 

$

(3,631)

 

(21.21)

 

$

8,438

 

31.28