Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

Schedule of the effective income tax rate as a percentage of pretax income or loss differed from the U.S. federal statutory rate

	Year Ended December 31,
	2015			2014			2013
U.S. federal statutory rate		35.0	%		35.0	%		35.0	%
REIT non-taxable income		(38.7	)		(36.8	)		(35.7	)
State and local income taxes, net of federal tax benefit		(2.7	)		(0.5	)		(1.1	)
Change in valuation allowance		6.4			2.3			1.8
Effective income tax rate		—	%		—	%		—	%

Summary of significant components of deferred tax assets (liabilities)

	December 31,
	2015			2014
Deferred tax assets:
Expenses not currently deductible	$	10,441,408		$	3,541,807
Net operating and capital loss carryforwards		5,714,575			5,279,854
Deferred tax assets, gross		16,155,983			8,821,661
Valuation allowance		(12,320,476	)		(7,742,286	)
Deferred tax assets, net	$	3,835,507		$	1,079,375
Deferred tax liability:
Interest in equity affiliates—net	$	3,835,507		$	1,079,375