Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The following is a summary of the financial information for discontinued operations for the years ended December 31, 2018 and 2017 (in thousands):

	Year Ended
	2018			2017
Revenues:
Offering-related fees and reimbursements	$	1,027		$	16,096
Transaction service fees and reimbursements	334			13,929
Management fees and reimbursements	6,452			76,214
Total revenues	7,813			106,239
Operating expenses:
Cole Capital reallowed fees and commissions	602			9,879
Transaction costs (1)	(654		)	3,802
General and administrative	4,450			63,783
Amortization of intangible assets	—			14,490
Total operating expenses	4,398			91,954
Other income, net	—			464
Loss on disposition and assets held for sale	(1,815		)	(20,027		)
Income (loss) before taxes	1,600			(5,278		)
Benefit from (provision for) income taxes	2,095			(13,839		)
Income (loss) from discontinued operations, net of income taxes	$	3,695		$	(19,117	)

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(1) The negative balance for the year ended December 31, 2018 is a result of estimated costs accrued in prior periods that exceeded actual expenses incurred.

The following is a summary of cash flows related to discontinued operations for the years ended December 31, 2018 and 2017 (in thousands):

	Year Ended
	2018			2017
Cash flows related to discontinued operations:
Cash flows (used in) provided by operating activities	$	(10,468	)	$	33,232
Cash flows from investing activities	$	122,915		$	—

Schedule of Effective Income Tax Rate Reconciliation

The following table presents the reconciliation of the (benefit from) provision for income taxes with the amount computed by applying the statutory federal income tax rate to loss before income taxes for the years ended December 31, 2018 and 2017 (in thousands):

	Year Ended
	2018			2017
Income (loss) before taxes	$	1,600		$	(5,278	)
Less: Income from non-taxable entities	(685		)	(9,523		)
Income (loss) attributable to taxable subsidiaries before income taxes	$	915		$	(14,801	)
Federal benefit from (provision for) at statutory rate	192			(5,180		)
Impairment of goodwill	—			—
Nondeductible portion of transaction costs and loss recognized on classification as held for sale	(719		)	8,283
Impact of change in federal tax rate	—			3,481
Impact of valuation allowance	(1,158		)	6,165
State income taxes and other	(410		)	1,090
Total (benefit from) provision for income taxes - Cole Capital	$	(2,095	)	$	13,839

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of the (benefit from) provision for income taxes for the years ended December 31, 2018 and 2017 (in thousands):

	Year Ended
	2018			2017
Current
Federal	$	(74	)	$	(120	)
State	(166		)	602
Total current (benefit from) provision for income taxes	(240		)	482
Deferred
Federal	(1,756		)	12,016
State	(99		)	1,341
Total deferred (benefit from) provision for income taxes	(1,855		)	13,357
Total (benefit from) provision for income taxes - Cole Capital	$	(2,095	)	$	13,839