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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Summarized Statement of Components of Income Tax Provision
The income tax provision for the years ended December 31, 2019, 2018 and 2017, is comprised of the following components:
 
For the Year Ended December 31, 2019
 
Federal
 
State
 
Total
Current expense
$
10,164

 
$
2,936

 
$
13,100

Tax credits/true-up
(3,633
)
 
(30
)
 
(3,663
)
Change in deferred expense/(benefit)
1,787

 
84

 
1,871

Total tax expense
$
8,318

 
$
2,990

 
$
11,308

 
 
For the Year Ended December 31, 2018
 
Federal
 
State
 
Total
Current expense
$
9,136

 
$
2,426

 
$
11,562

Tax credits/true-up
(5,841
)
 
(175
)
 
(6,016
)
Change in deferred expense
3,730

 
(32
)
 
3,698

Total tax expense
$
7,025

 
$
2,219

 
$
9,244

 
 
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 benefit
1,700

 
542

 
2,242

Total tax expense
$
1,804

 
$
1,821

 
$
3,625


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,
 
2019
 
2018
 
2017
Expected tax at statutory rate
$
97,110

 
21.0
 %
 
$
95,828

 
21.0
 %
 
$
186,274

 
35.0
 %
Non-taxable REIT income
(82,717
)
 
(17.9
)%
 
(83,022
)
 
(18.2
)%
 
(170,811
)
 
(32.1
)%
State and local tax expense - net of federal benefit
2,837

 
0.6
 %
 
2,385

 
0.5
 %
 
2,306

 
0.4
 %
Change in valuation allowance
(207
)
 
 %
 
(1,052
)
 
(0.2
)%
 
159

 
 %
Tax credits/true-up
(3,663
)
 
(0.8
)%
 
(6,016
)
 
(1.3
)%
 
(5,956
)
 
(1.1
)%
Remeasurement of deferred balances

 
 %
 

 
 %
 
(8,460
)
 
(1.6
)%
Miscellaneous
(2,052
)
 
(0.4
)%
 
1,121

 
0.2
 %
 
113

 
 %
Total provision
$
11,308

 
2.5
 %
 
$
9,244

 
2.0
 %
 
$
3,625

 
0.6
 %


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, 2019
 
December 31, 2018
Deferred tax liabilities:
 
 
 
Fixed assets
$
(23,805
)
 
$
(20,907
)
Operating lease right-of-use assets
(2,475
)
 

Other
(84
)
 
(96
)
State deferred taxes
(3,405
)
 
(3,076
)
Total deferred tax liabilities
(29,769
)
 
(24,079
)
 
 
 
 
Deferred tax assets:
 
 
 
Captive insurance subsidiary
312

 
324

Accrued liabilities
2,006

 
1,772

Stock compensation
2,118

 
1,604

Operating lease liabilities
2,478

 

SmartStop TRS
219

 
219

Other
50

 
53

State deferred taxes
7,250

 
7,196

Total deferred tax assets
14,433

 
11,168

 
 
 
 
Valuation allowance
(3,665
)
 
(3,872
)
 
 
 
 
Net deferred income tax liabilities
$
(19,001
)
 
$
(16,783
)