Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

Deferred Financing Costs, Net of Accumulated Amortization

Deferred financing costs, net of accumulated amortization are as follows:


(dollars in thousands)	December 31, 2013			December 31, 2012
Deferred financing costs	$	9,159		$	10,165
Accumulated amortization		(1,867	)		(3,309	)

Deferred financing costs, net	$	7,292		$	6,856

Deferred Leasing Costs, Net of Accumulated Amortization

Deferred leasing costs, net of accumulated amortization are as follows:


(dollars in thousands)	December 31, 2013			December 31, 2012
Deferred leasing costs	$	17,374		$	12,567
Accumulated amortization		(5,516	)		(4,361	)

Deferred leasing costs, net	$	11,858		$	8,206

Summary of Temporary Differences and Carry Forwards Which Give Rise to 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,
	(in thousands)
	2013			2012			2011
Deferred tax liabilities
Property and equipment	$	(4,905	)	$	(4,852	)	$	(3,533	)
Other		(873	)		(551	)		(287	)

Gross Deferred Tax Liabilities		(5,778	)		(5,403	)		(3,820	)
Deferred tax assets
Net operating loss carryforwards		5,861			6,694			3,410
Deferred revenue and setup charges		583			467			372
Derivative liability		—			—			81
Other		699			113			101

Gross deferred tax assets		7,143			7,274			3,964

Net deferred tax assets		1,365			1,871			144
Valuation allowance		(1,365	)		(1,871	)		(144	)

Net deferred	$	—		$	—		$	—

Financial Instruments Held at Fair Value

The Company’s financial instruments held at fair value are presented below as of December 31, 2013 and 2012 (dollars in thousands):


			Fair Value Measurements
	Carrying Value		Level 1		Level 2		Level 3
December 31, 2013
Financial Liabilities:
Interest rate swap liability⁽¹⁾	$	453	$	—	$	453	$	—
December 31, 2012
Financial Assets:
Restricted deposits, held at fair value	$	146	$	146	$	—	$	—
Financial Liabilities:
Interest rate swap liability⁽¹⁾	$	767	$	—	$	767	$	—

(1)

The Company used inputs from quoted prices for similar assets and liabilities in active markets that are directly or indirectly observable relating to the measurement of the interest rate swaps. The fair value measurement of the interest rate swaps have been classified as Level 2.