Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of significant components of deferred tax assets and liabilities of TRSs



	December 31,
	2019			2018
Deferred tax assets:
Fixed and intangible assets	$	1,488		$	365
Net operating loss carryforwards	7,290			9,277
Prepaid and deferred income	1,115			866
Bad debt reserves	528			656
Leases	3,480			—
Accrued expenses and other	4,049			3,208
Stock compensation	2,636			2,083
Total deferred tax assets	20,586			16,455
Valuation allowance for deferred tax assets	(17,121		)	(16,390		)
Deferred tax assets, net of valuation allowance	3,465			65

Deferred tax liability:
Leases	(3,413		)	—
Deferred financing costs	(52		)	(65		)

Net deferred tax liabilities	$	—		$	—

Schedule of significant components of income tax provision

Significant components of the Company’s income tax provision are as follows:



	Year Ended December 31,
	2019			2018			2017
Current:
Federal	$	(157	)	$	—		$	—
State	(1,350		)	(2,429		)	(989		)
Deferred:
Federal	—			—			—
State	—			—			—
Total provision	$	(1,507	)	$	(2,429	)	$	(989	)

Schedule of reconciliation of income tax attributable to continuing operations for the TRSs computed at the U.S. statutory rate to income tax provision

The reconciliation of income tax for the TRSs computed at the U.S. statutory rate to income tax provision is as follows:



	Year Ended December 31,
	2019			2018			2017
Tax (provision) benefit at U.S. statutory rates on TRS income subject to tax	$	(789	)	$	327		$	1,277
State income tax, net of federal income tax benefit	(57		)	13			57
Effect of permanent differences and other	5			(154		)	207
Deferred tax impact of tax reform	—			—			(9,206		)
Decrease (increase) in valuation allowance	841			(186		)	7,665
TRS income tax provision	$	—		$	—		$	—

Schedule of distributions to shareholders

A schedule of per share distributions the Company paid and reported to its shareholders, which is unaudited, is set forth in the following table:



	Year Ended December 31,
Tax Treatment of Distributions:	2019		2018		2017
Ordinary income	$	0.6625	$	—	$	0.8316
Long-term capital gain ⁽¹⁾	1.2075		1.8200		—
Return of capital	—		—		0.9084
Total per common share outstanding	$	1.8700	$	1.8200	$	1.7400

⁽¹⁾

Unrecaptured Sec. 1250 gains of $0.3827 and $0.4008 were reported for the years ended December 31, 2019 and 2018, respectively. There was no unrecaptured Sec. 1250 gain reported for the year ended December 31, 2017.