Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of the income tax expense for the years ended December 31, 2016, 2015 and 2014 were as follows (in thousands):

	Years Ended December 31,
	2016			2015			2014
Current:
Federal	$	—		$	—		$	—
State		(351	)		(378	)		(361	)
Total current expense		(351	)		(378	)		(361	)
Deferred:
Federal	―			―			―
State	―			―			―
Total deferred expense	―			―			―
Income tax expense	$	(351	)	$	(378	)	$	(361	)

Significant Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets as of years ended December 31, 2016 and 2015 are as follows:

	2016			2015
Carryforwards of net operating loss	$	9,110		$	5,220
Prepaid rent		442			619
Valuation allowance		(9,552	)		(5,839	)
Net deferred tax assets	$	—		$	—

Reconciliation of Income Tax Expense

A reconciliation of the income tax expense computed at the statutory federal tax rate on income before income taxes is as follows (in thousands):

	Years Ended December 31,
	2016					2015					2014
Tax benefit computed at federal statutory rate	$	11,002		35.00	%	$	23,701		35.00	%	$	18,253		35.00	%
Impact of REIT election		(11,002	)	(35.00	)%		(23,701	)	(35.00	)%		(18,253	)	(35.00	)%
State income tax expense		(351	)	(1.12	)%		(378	)	(0.56	)%		(361	)	(0.69	)%
Income tax expense	$	(351	)	(1.12	)%	$	(378	)	(0.56	)%	$	(361	)	(0.69	)%