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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]  
Deferred Financing Costs, Net of Accumulated Amortization

 

 

 

 

 

 

 

 

 

December 31,

 

 

December 31,

(dollars in thousands)

    

2016

    

2015

 

 

 

 

 

 

 

Deferred financing costs

 

$

7,128

 

$

6,652

Accumulated amortization

 

 

(145)

 

 

(389)

Deferred financing costs, net

 

$

6,983

 

$

6,263

 

Deferred Leasing Costs, Net of Accumulated Amortization

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

(dollars in thousands)

    

2016

    

2015

 

 

 

 

 

 

 

Deferred leasing costs

 

$

50,026

 

$

36,748

Accumulated amortization

 

 

(18,502)

 

 

(12,970)

Deferred leasing costs, net

 

$

31,524

 

$

23,778

 

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

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

 

    

2016

    

2015

    

2014

Deferred tax liabilities

 

 

 

 

 

 

 

 

 

Property and equipment

 

$

(15,031)

 

$

(16,032)

 

$

(5,784)

Goodwill

 

 

(1,290)

 

 

(407)

 

 

 —

Intangibles

 

 

(24,244)

 

 

(23,896)

 

 

 —

Other

 

 

(1,927)

 

 

(2,350)

 

 

(1,427)

Gross deferred tax liabilities

 

 

(42,492)

 

 

(42,685)

 

 

(7,211)

Deferred tax assets

 

 

 

 

 

 

 

 

 

Net operating loss carryforwards

 

 

17,642

 

 

14,107

 

 

9,137

Deferred revenue and setup charges

 

 

4,323

 

 

3,747

 

 

868

Leases

 

 

2,154

 

 

3,097

 

 

 —

Credits

 

 

492

 

 

630

 

 

 —

Other

 

 

2,696

 

 

2,291

 

 

601

Gross deferred tax assets

 

 

27,307

 

 

23,872

 

 

10,606

Net deferred tax assets

 

 

(15,185)

 

 

(18,813)

 

 

3,395

Valuation allowance

 

 

 —

 

 

 —

 

 

(3,395)

Net deferred

 

$

(15,185)

 

$

(18,813)

 

$

 —

 

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

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

 

    

2016

    

2015

    

2014

TRS

 

 

 

 

 

 

 

 

 

Statutory rate of 34% applied to pre-tax income (loss)

 

$

(7,299)

 

$

(6,683)

 

$

(1,793)

Permanent differences, net

 

 

(2,021)

 

 

281

 

 

128

State income tax, net of federal benefit

 

 

(689)

 

 

(268)

 

 

(365)

Foreign income tax

 

 

33

 

 

 —

 

 

 —

Valuation allowance (decrease) increase

 

 

 —

 

 

(3,395)

 

 

2,030

Total tax expense (benefit)

 

$

(9,976)

 

$

(10,065)

 

$

 —

Effective tax rate

 

 

46.5%

 

 

34.8%

 

 

0.0%