Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense for the year ended December 31, 2015 are presented in the following table, in thousands. There was no income tax expense for the year ended December 31, 2014.



	Year Ended December 31,
	2015			2014
Current:
Federal	$	2,664		$	633
State	548			91
	3,212			724
Deferred:
Federal	(98		)	(116		)
State	(9		)	(17		)
	(107		)	(133		)
Income tax expense	$	3,105		$	591

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal income tax benefit of the Company's income tax expense is presented in the following table, in thousands. There was no income tax expense for the year ended December 31, 2014.



	Year Ended December 31,
	2015			2014
Statutory federal income tax benefit	$	(31,121	)	$	(4,845	)
Effect of non-taxable REIT loss	33,720			5,361
State income tax expense, net of federal tax benefit	506			73
Other	—			2
Income tax expense	$	3,105		$	591

Schedule of Deferred Tax Assets and Liabilities

The tax effect of each type of temporary difference and carryforward, that gives rise to the deferred tax assets and liabilities as of December 31, 2015 are presented in the following table, in thousands. There were no temporary differences or carryforwards for the year ended December 31, 2014.



	Year Ended December 31,
	2015			2014
Deferred tax asset:
Employee-related compensation	$	—		$	152
Other	86			11
Net operating losses	186			$	—
	$	272		$	163
Deferred tax liability:
Investments in unconsolidated joint ventures	$	(32	)	$	(30	)
Total deferred tax liability	(32		)	(30		)
Net deferred tax asset	$	240		$	133