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Income Taxes - (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Summarized Statement of Components of Income Tax Provision
The income tax provision for the years ended December 31, 2017, 2016 and 2015, is comprised of the following components:
 
For the Year Ended December 31, 2017
 
Federal
 
State
 
Total
Current expense
$
5,677

 
$
1,662

 
$
7,339

Tax credits/true-up
(5,573
)
 
(383
)
 
(5,956
)
Change in deferred expense
1,700

 
542

 
2,242

Total tax expense
$
1,804

 
$
1,821

 
$
3,625

 
 
For the Year Ended December 31, 2016
 
Federal
 
State
 
Total
Current expense
$
14,627

 
$
2,368

 
$
16,995

Tax credits/true-up
(312
)
 

 
(312
)
Change in deferred benefit
(369
)
 
(467
)
 
(836
)
Total tax expense
$
13,946

 
$
1,901

 
$
15,847

 
 
For the Year Ended December 31, 2015
 
Federal
 
State
 
Total
Current expense
$
3,736

 
$
1,640

 
$
5,376

Tax credits/true-up
274

 

 
274

Change in deferred expense (benefit)
7,016

 
(1,518
)
 
5,498

Total tax expense
$
11,026

 
$
122

 
$
11,148

Schedule of Reconciliation of Statutory Income Tax Provisions to the Effective Income Tax Provisions
A reconciliation of the statutory income tax provisions to the effective income tax provisions for the periods indicated is as follows:
 
For the Year Ended December 31,
 
2017
 
2016
 
2015
Expected tax at statutory rate
$
186,274

 
35.0
 %
 
$
144,708

 
35.0
 %
 
$
77,151

 
35.0
 %
Non-taxable REIT income
(170,811
)
 
(32.1
)%
 
(131,112
)
 
(31.7
)%
 
(67,084
)
 
(30.4
)%
State and local tax expense - net of federal benefit
2,306

 
0.4
 %
 
2,399

 
0.6
 %
 
1,249

 
0.6
 %
Change in valuation allowance
159

 
 %
 
(845
)
 
(0.2
)%
 
(624
)
 
(0.3
)%
Tax credits/true-up
(5,956
)
 
(1.1
)%
 
(312
)
 
(0.1
)%
 
274

 
0.1
 %
Remeasurement of deferred balances
(8,460
)
 
(1.6
)%
 

 
 %
 

 
 %
Miscellaneous
113

 
 %
 
1,009

 
0.2
 %
 
182

 
0.1
 %
Total provision
$
3,625

 
0.6
 %
 
$
15,847

 
3.8
 %
 
$
11,148

 
5.1
 %
Schedule of Major Sources of Temporary Differences Stated at their Deferred Tax Effects
The major sources of temporary differences stated at their deferred tax effects are as follows:
 
December 31, 2017
 
December 31, 2016
Deferred tax liabilities:
 
 
 
Fixed assets
$
(15,271
)
 
$
(16,488
)
Other
(108
)
 
(201
)
State deferred taxes
(2,822
)
 
(1,242
)
Total deferred tax liabilities
(18,201
)
 
(17,931
)
 
 
 
 
Deferred tax assets:
 
 
 
Captive insurance subsidiary
252

 
413

Accrued liabilities
873

 
2,741

Stock compensation
1,287

 
1,713

Solar credit
43

 

Other
57

 
1,548

SmartStop TRS
219

 
365

State deferred taxes
7,802

 
6,078

Total deferred tax assets
10,533

 
12,858

 
 
 
 
Valuation allowance
(4,924
)
 
(4,765
)
 
 
 
 
Net deferred income tax liabilities
$
(12,592
)
 
$
(9,838
)