(Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of components of provision for income taxes

Components of the provision for income taxes consist of the following ($ in thousands):

	Year Ended December 31,
	2016			2015		2014
Current expense (benefit)
U.S. Federal	$	(386	)	$	9,020	$	23,609
State and local	4,838			2,637		10,170
Total current expense (benefit)	4,452			11,657		33,779
Deferred expense (benefit)
U.S. Federal	1,417			2,247		(4,357		)
State and local	451			653		(2,817		)
Total deferred expense (benefit)	1,868			2,900		(7,174		)
Provision for income tax expense (benefit)	$	6,320		$	14,557	$	26,605

Schedule of reconcilation of U.S. federal statutory and effective income tax rates

A reconciliation between the U.S. federal statutory income tax rate and the effective tax rate for the years ended December 31, 2016, 2015 and 2014 is as follows:

	Year Ended December 31,
	2016			2015		2014
US statutory tax rate	35.00	%		35.00	%	35.00	%
REIT income not subject to corporate income tax	(34.38	)%		(32.37	)%	—	%
Increase due to state and local taxes	4.41	%	(1)	1.40	%	3.78	%
Deferred tax asset write-off upon conversion to REIT	—	%		1.44	%	—	%
Change in valuation allowance	0.42	%		3.29	%	—	%
Other	(0.19	)%		0.39	%	(17.37	)%
Effective income tax rate	5.26	%		9.15	%	21.41	%

(1)

The increase in state taxes shown above is primarily related to additional tax expense of $3.3 million pertaining to a New York State tax audit, further discussed below.

Schedule of components of deferred tax assets and liabilities

The components of the Company’s deferred tax assets and liabilities are as follows ($ in thousands):

	December 31, 2016			December 31, 2015
Deferred Tax Assets
Basis difference in operating partnerships	$	2,023		$	3,998
Unrealized gains (losses)	99			971
Unrealized gains (losses) - derivatives	5,668			5,239
Valuation allowance	(5,668		)	(5,239		)
Total Deferred Tax Assets	$	2,122		$	4,969