Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Significant Accounting Policies [Abstract]

Deferred Financing Costs, Net of Accumulated Amortization

In addition, the Company also made modifications to its Richmond credit facility which resulted in the write off of certain deferred financing costs. Deferred financing costs, net of accumulated amortization are as follows:

	December 31,			December 31,
(dollars in thousands)	2015		2014
Deferred financing costs	$	21,333	$	18,152
Accumulated amortization		(4,899)		(1,683)
Deferred financing costs, net	$	16,434	$	16,469

Deferred Leasing Costs, Net of Accumulated Amortization

Deferred leasing costs, net of accumulated amortization are as follows (excluding $2.8 million, net of amortization, related to a leasing arrangement at the Company’s Princeton facility in 2014):

	December 31,		December 31,
(dollars in thousands)	2015		2014
Deferred leasing costs	$	33,458	$	26,799
Accumulated amortization		(12,476)		(9,378)
Deferred leasing costs, net	$	20,982	$	17,421

Summary of Temporary Differences and Carry Forwards Which Give Rise to the Deferred Tax Assets and Liabilities

Temporary differences and carry forwards which give rise to the deferred tax assets and liabilities are as follows:

	For the Year Ended December 31,
	2015		2014		2013
Deferred tax liabilities
Property and equipment	$	(16,032)	$	(5,784)	$	(4,905)
Goodwill		(407)		-		-
Intangibles		(23,896)		-		-
Other		(2,350)		(1,427)		(873)
Gross deferred tax liabilities		(42,685)		(7,211)		(5,778)
Deferred tax assets
Net operating loss carryforwards		14,107		9,137		5,861
Deferred revenue and setup charges		3,747		868		583
Leases		3,097		-		-
Credits		630		-		-
Other		2,291		601		699
Gross deferred tax assets		23,872		10,606		7,143
Net deferred tax assets		(18,813)		3,395		1,365
Valuation allowance		-		(3,395)		(1,365)
Net deferred	$	(18,813)	$	-	$	-

Schedule of Differences between Total Income Tax or Benefit and Amount Computed by Applying the Statutory Income Tax Rate

The differences between total income tax expense or benefit and the amount computed by applying the statutory income tax rate to income before provision for income taxes with respect to the TRS activity were as follows:

	For the Year Ended December 31,
	2015		2014		2013
TRS
Statutory rate of 34% applied to pre-tax income (loss)	$	(6,683)	$	(1,793)	$	(441)
Permanent differences, net		281		128		1,061
State income (tax) benefit, net of federal benefit		(268)		(365)		(113)
Valuation allowance (decrease) increase		(3,395)		2,030		(507)
Total tax expense (benefit)	$	(10,065)	$	-	$	-
Effective tax rate		34.75%		0.00%		0.00%