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Income Taxes
 9 Months Ended
Sep. 30, 2019
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes its net taxable income to stockholders, and does not engage in prohibited transactions. The Company intends to distribute 100% of its REIT taxable income and comply with all requirements to continue to qualify as a REIT. The majority of states also recognize the Company’s REIT status. The Company’s TRS files a separate tax return and is fully taxed as a standalone U.S. C-corporation. It is assumed that the Company will retain its REIT status and will incur no REIT level taxation as it intends to comply with the REIT regulations and annual distribution requirements.
The following table summarizes the tax provision recorded at the taxable subsidiary level for the three and nine months ended September 30, 2019 and 2018:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(in thousands)
2019
 
2018
 
2019
 
2018
Current tax (benefit) provision:
 
 
 
 
 
 
 
Federal
$
—

 
$
—

 
$
—

 
$
(1
)
State
—

 
—

 
—

 
2

Total current tax provision
—

 
—

 
—

 
1

Deferred tax (benefit)
(1
)
 
(1
)
 
(4
)
 
(3
)
Total (benefit from) provision for income taxes
$
(1
)
 
$
(1
)
 
$
(4
)
 
$
(2
)


Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s condensed consolidated financial statements of a contingent tax liability for uncertain tax positions. Additionally, there were no amounts accrued for penalties or interest as of or during the periods presented in these condensed consolidated financial statements.