Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes attributable to income (loss) before income taxes is as follows:

	Year Ended December 31,
	2016		2015		2014
	(in thousands)
Federal:
Current	$	—	$	—	$	—
Deferred	—		—		—
Provision for federal income taxes	$	—	$	—	$	—
State:
Current	$	2,156	$	—	$	—
Deferred	108		—		—
Provision for state income taxes	$	2,264	$	—	$	—

Reconciliation of Federal Income Tax Statutory Rate and Effective Tax Rate

A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate is as follows:

	Year Ended December 31,
	2016		2015		2014
Federal income tax statutory rate	35.0	%	35.0	%	35.0	%
Federal valuation allowance	—		(35.0	)	(35.0	)
Income not subject to federal income tax	(35.0	)	—		—
State taxes	6.0		—		—
Effective tax rate	6.0	%	—	%	—	%

Schedule of Major Tax-Effected Components of Net Deferred Tax Liability

The major tax-effected components of the Company’s net deferred tax liability are as follows:

	December 31,
	2016		2015
	(in thousands)
Deferred tax liability – federal and state
Real estate investments, net	$	25,368	$	1,734,680
Total deferred tax liability	$	25,368	$	1,734,680